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Bill

A 213

Establishes a task force to study the impact of a state-issued cryptocurrency on the state of New York

2025 Regular Session Introduced by Clyde Vanel

Bill A 213 creates a task force to study the effects of a state-issued cryptocurrency in New York, focusing on economic impact, regulations, and public acceptance.

REFERRED TO GOVERNMENTAL OPERATIONS
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Bill Summary · A 213

Summary of Bill A 213

Bill Overview

  • Bill Number: A 213
  • Title: Establishes a task force to study the impact of a state-issued cryptocurrency on the state of New York
  • Status: Referred to Governmental Operations
  • Introduced: January 08, 2025
  • Classification: Bill

Purpose and Intent

Bill A 213 aims to establish a task force that will conduct a comprehensive study on the potential impacts of implementing a state-issued cryptocurrency in New York. The intent is to explore the economic, regulatory, and technological implications of such a currency, assessing both benefits and challenges.

Key Provisions

  • Task Force Creation: The bill mandates the formation of a task force composed of experts in finance, technology, law, and public policy.
  • Study Focus Areas: The task force will investigate several key areas, including:
    • Economic impact on state revenue and local businesses
    • Regulatory frameworks necessary for implementation
    • Technological infrastructure requirements
    • Potential risks associated with cybersecurity and fraud
    • Public perception and acceptance of a state-issued cryptocurrency
  • Reporting Requirements: The task force will be required to submit a report detailing its findings and recommendations to the state legislature within a specified timeframe (not yet defined in the bill).

Affected Parties

  • State Government: The bill directly involves state officials and agencies that will be responsible for overseeing the task force and implementing any recommendations.
  • Financial Institutions: Banks and other financial entities may be impacted by changes in regulations and practices related to cryptocurrency.
  • Businesses and Consumers: Local businesses and consumers may experience changes in transaction methods and economic dynamics if a state-issued cryptocurrency is adopted.

Procedural Aspects

  • Current Status: As of January 8, 2025, the bill has been referred to the Governmental Operations Committee for further consideration.
  • Related Legislation: This bill is related to several prior-session bills (A 9685, A 1427, A 3860, A 2599) and has a companion bill in the Senate (S 3985), indicating ongoing legislative interest in the topic of state-issued cryptocurrencies.

Conclusion

Bill A 213 represents a proactive approach by the New York State Legislature to explore the implications of digital currency on the state's economy and regulatory landscape. By establishing a dedicated task force, the bill seeks to gather expert insights that could inform future legislation and policy decisions regarding cryptocurrency in New York.

Compiled from official sources — confirm details with the bill’s official record.

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