The Legislative Assembly of New York is considering creating a cryptocurrency working group

The New York State Banking Committee Has Considered a Bill to create an official working group around cryptocurrency. The newly formed task force would have to scrupulously study the potential effects of cryptocurrency on New York's financial markets.

A team of 9 members studying crypto-currencies

All participants and members who responded to the committee voted in favor of the bill. The 9 members of the working group say they are "interested" and "concerned" about the size of the virtual currency in the New York financial market. They are expected to report to the governor and to both Houses of the Legislature in December 2019. The 9 members will also be authorized to apply for service with any organization, government entity or individual, as required. and this, in order to carry out the tasks that fall to them.

More specifically, the group will have to study the effect of crypto-currencies on local tax revenues, the impact of regulation on the development of virtual currencies, the transparency of the cryptocurrency market and the energy consumption necessary for mining of digital currencies .

Also, a report on the number of crypto-currencies and cryptocurrency platforms in New York State will have to be provided by the working group.

Refer to other countries to decide on the most appropriate regulation

In addition, considering "laws and regulations on digital currencies used by other states, the federal government, foreign countries and foreign political and economic unions" is strictly necessary to regulate the market.

Regulators from the states and provinces of Canada and the United States began investigating potentially fraudulent investment programs two weeks ago. According to the North American Securities Administrators Association (NASAA) announcement, the investigation relates to questionable Initial Coin Offering (ICO).

40 regulator jurisdictions have launched about 70 investigations, while other investigations will be back in the coming weeks. NASAA issued a warning about the risks of crypto-currencies and ICOs at the beginning of the year.

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