S 4728: Establishes the New York state cryptocurrency and blockchain study task force to provide the governor and the legislature with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems, including but not limited to blockchain technology, in the state.

  
  STATE OF NEW YORK ________________________________________________________________________ 4728 2025-2026 Regular Sessions  IN SENATE February 12, 2025 ___________ Introduced by Sens. SANDERS, WEBB -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT in relation to establishing the New York state cryptocurrency and blockchain study task force; and providing for the repeal of such provisions upon expiration thereof The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Short title. This act shall be known and may be cited as 2 the "New York state cryptocurrency and blockchain study act". 3 § 2. There is hereby established the New York state cryptocurrency and 4 blockchain study task force (hereinafter referred to as "the task 5 force") to provide the governor and the legislature with information on 6 the effects of the widespread use of cryptocurrencies and other forms of 7 digital currencies and their ancillary systems, including but not limit- 8 ed to blockchain technology, in the state. 9 § 3. 1. The task force shall consist of seventeen members as follows: 10 a. seven members appointed by the governor, which shall include the 11 following five members: 12 i. the superintendent of the department of financial services, or such 13 superintendent's designee; 14 ii. the commissioner of the department of environmental conservation, 15 or such commissioner's designee; 16 iii. a representative from the financial services industry; 17 iv. a representative from a state or national organization promoting 18 environmental conservation; and 19 v. a representative who is a faculty member of an accredited college 20 or university in New York state with experience in economic studies. 21 b. the comptroller of the state of New York, or the comptroller's 22 designee; 23 c. four members appointed by the temporary president of the senate; 24 d. four members appointed by the speaker of the assembly; and EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06929-01-5 
 S. 4728 2 1 e. the attorney general of the state of New York, or the attorney 2 general's designee. 3 2. To the extent practicable, members appointed to the task force 4 shall have relevant experience and knowledge concerning the digital 5 currency, cryptocurrency and blockchain industries. 6 3. The members of the task force shall receive no compensation for 7 their services, but shall be allowed their actual and necessary expenses 8 incurred in the performance of their duties pursuant to this act. 9 4. Any vacancies in the membership of the task force shall be filled 10 in the same manner provided for in the initial appointment. 11 5. The task force may consult with any organization, government enti- 12 ty, or person, in the development of its report required under section 13 four of this act. 14 6. The members of the task force shall be appointed no later than 15 ninety days after the effective date of this act. 16 § 4. On or before December 15, 2027, the task force shall submit to 17 the governor, the temporary president of the senate and the speaker of 18 the assembly a report containing, but not limited to, the following 19 information based on available data: 20 a. a review of the digital currency, cryptocurrency and blockchain 21 industries in New York state; 22 b. the number of digital currencies currently being traded and their 23 approximate percentage of market share; 24 c. the number of exchanges operating in New York state and their aver- 25 age monthly trade volume; 26 d. the use of digital currencies' impact on state and local tax 27 receipts; 28 e. the types of investment entities that are large investors in 29 digital currency; 30 f. the energy consumption necessary for coin mining operations and 31 other policy considerations related thereto; 32 g. the environmental impact of coin mining operations; 33 h. the transparency of the digital currency marketplace and the 34 related potential of market manipulation and other illegal activities; 35 i. a review of laws and regulations on digital currency used by other 36 states, the federal government, foreign countries, and foreign political 37 and economic unions to regulate the marketplace; and 38 j. legislative and regulatory recommendations, if any, to increase 39 transparency and security, enhance consumer protections, and to address 40 the long-term impact related to the use of cryptocurrency. 41 § 5. This act shall take effect immediately and shall expire December 42 15, 2027 when upon such date the provisions of this act shall be deemed 43 repealed.