New York State Senator James Sanders Jr. has introduced the New York State Cryptocurrency and Blockchain Study Act.
The bill proposes forming a 17-member task force to evaluate the state’s cryptocurrency and blockchain technology use.
If passed, the task force will investigate key aspects of the crypto industry, including the number of digital assets being traded, the number of exchanges operating in New York, and the impact of cryptocurrency on state and local tax revenue. Additionally, it will assess the environmental effects of crypto mining and energy consumption and how New York’s regulatory framework compares to other jurisdictions.
The proposed legislation outlines that task force members must be appointed within 90 days of the bill’s enactment. Their findings will be compiled into a comprehensive report submitted to the governor and state legislature by December 15, 2027.
The report is expected to include recommendations for legislative and regulatory improvements focused on transparency, security, consumer protection, and long-term implications of cryptocurrency use. The bill is under committee review and must go through a legislative process, including floor debates and votes in the state assembly and senate before it can become law.
New York has long been a focal point for the cryptocurrency industry, but its regulatory environment—particularly the BitLicense program—has drawn criticism. Introduced in 2015, the program requires crypto businesses to obtain a license from the New York Department of Financial Services to operate in the state.
Across the United States, more than 20 states are considering cryptocurrency legislation, with Arizona and Utah making significant progress. Notably, Utah’s House Economic Development Committee has passed HB 230, allowing the state to invest in cryptocurrencies, with an 8-1 vote on January 28. The bill will now go to the full House for further debate before potentially being sent to Governor Spencer Cox, who supports crypto initiatives.
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