The State of New York is considering the possibility of creating an ad-hoc working group to study the impact of cryptocurrency on financial markets. The Banking Committee of the State Legislature has already voted for the adoption of the relevant bill.
The main task of the group, which will include nine people, will be preparation of reports on the impact of regulation on the development of the digital currency industry and blockchain technology in the state, the impact of cryptocurrency on local tax revenues, and the transparency of the digital currency market.
In addition, researchers should prepare information on the number of digital currencies and exchanges in the state, large investors in this area and energy costs for mining cryptocurrency.
It is assumed that the report will also contain an overview of various bills that are used to regulate the cryptocurrency market by other states.
In the process of research, the members of the group will be able to consult with any organization, government agency or individual. It is expected that the report will be submitted to the governor, the provisional president of the Senate and the speaker of the legislative assembly until December 2019.