New York State Digital Currency Task Force Appoints New Members

Legislators from the New York State Assembly have appointed six members to the New York State Digital Currency Task Force.

In a video announcement on July 22, Assembly member Clyde Vanel announced six appointments to the group, which is tasked with investigating and making regulatory recommendations regarding digital currencies and blockchain technology. 

The task force will consist of 13 members, six of whom are appointed by the Assembly, while the remaining seven will be appointed by the governor. The six appointed on July 22 include Ethereum co-founder Joseph Lubin, the CEO of the Global Blockchain Business Council, Sandra Ro; Yaya Fanusie, an adjunct fellow at the Foundation for Defense of Democracies; co-founder of Blockchain at Microsoft Yorke Rhodes; Ryan Zagonne, the director of regulatory relations at Ripple, and Aaron Wright, who is a law professor at the Cardozo School of Law. 

Vanel said, “We are excited that we’re going to have some of the premier people in blockchain technology and in cryptocurrency help guide New York state and the country, and maybe the world, on finding the right level of regulations in this space. 

Group will study blockchain and crypto before making recommendations 

New York state reportedly became the first state in the United States to form its own cryptocurrency task force in January of this year. The task force was formally created when governor Andrew Cuomo signed the bill dubbed “The Digital Currency Study Bill” into law on Dec. 21, 2018.

Per the terms of the aforementioned bill, the group’s relevant reports regarding crypto and blockchain regulation and definition must be submitted to by Dec. 15, 2020, after which lawmakers and regulators can take the results into consideration. Vanel, who is the Chair of the Subcommittee on Internet and New Technologies, then said:

“New York leads the country in finance. We will also lead in proper fintech regulation. The task force of experts will help us strike the balance between having a robust blockchain industry and cryptocurrency economic environment while at the same time protecting New York investors and consumers.”

In May, the U.S. House of Representatives Financial Services Committee passed a resolution to form the Task Force on Financial Technology that will “examine the current legal framework for fintech, how fintech is used in lending and how consumers engage with fintech.”