New York Appoints Experts to Digital Currency Task Force

Introduction to the Digital Currency Task Force

In a bold step towards embracing the digital currency revolution, the New York State Assembly has appointed six notable members to the Digital Currency Task Force. As revealed in a video by Assembly member Clyde Vanel on July 22, this elite group of experts will be instrumental in shaping the regulatory landscape surrounding digital currencies and blockchain technology.

Meet the Appointed Members

The task force is designed to include a total of 13 members, with six appointed by the Assembly and the remaining seven by the governor. The remarkable individuals joining the task force include:

Joseph Lubin – Co-founder of Ethereum
Sandra Ro – CEO of the Global Blockchain Business Council
Yaya Fanusie – Adjunct fellow at the Foundation for Defense of Democracies
Yorke Rhodes – Co-founder of Blockchain at Microsoft
Ryan Zagonne – Director of regulatory relations at Ripple
Aaron Wright – Law professor at Cardozo School of Law

The Purpose and Goals of the Task Force

This newly formed task force will dive deep into the realms of blockchain and cryptocurrency, evaluating existing frameworks and making recommendations that could potentially align New York with international standards.

Vanel expressed his enthusiasm, stating, “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…” Aiming not just to keep pace but to lead, the group is determined to strike a balance between fostering innovation and ensuring consumer protection.

A Brief History of Crypto Regulation in New York

New York has taken significant strides in the digital currency domain. It became the first U.S. state to establish its own cryptocurrency task force back in January 2018. The group was officially sanctioned via legislation signed by Governor Andrew Cuomo in December that year, known as “The Digital Currency Study Bill.”

The bill set specific timelines for reporting on the industry’s regulation, with findings due by December 15, 2020. This timeline is critical as it will guide lawmakers in understanding the nuances of crypto regulation.

Future Outlook: Balancing Innovation and Regulation

As noted by Vanel, “New York leads the country in finance. We will also lead in proper fintech regulation.” The ongoing efforts and findings from the task force will play a pivotal role in balancing the interests of burgeoning blockchain startups against the need to safeguard New York investors and consumers. Meanwhile, in related developments, the U.S. House of Representatives Financial Services Committee has also taken steps towards exploring the fintech landscape, indicating a nationwide movement towards regulatory clarity.