A Task Force for Watching the Financial Market to be Set up in New York State

New York State is considering the launch of a special committee that will study the effects of cryptocurrencies on the local financial market. The initiative is created to provide the authorities with necessary information about the impact of digital currency and blockchain use in the state.

Last week the authorities of New York state voted to progress a bill aspiring to establish the task force. If the bill passes, there will be formed the special committee of nine members. Under the legislature, they will be obliged to report directly to the governor, temporary president of the senate, and the speaker of the assembly till December next year.

The task force will be inspecting the state’s crypto market, including available crypto coins, operating crypto exchanges, and the average trade volume per month. The institution will be focused especially on the impact of financial technology on state and local taxation processes.

In the USA a lot of investigations on the matter of frauds or scams related to trade coins have been recently filed by the Securities and Exchange Commission (SEC). Moreover, thirteen cryptocurrency exchanges operating in the state, including fintech giants Coinbase, Gemini, and Binance, have got questionnaires from the New York State Attorney General’s Office in April.