NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A9685
SPONSOR: Vanel TITLE OF BILL: An act to establish a task force to study the impact
of a state-issued cryptocurrency on the state of New York
PURPOSE OR GENERAL IDEA OF BILL:
Establishes a task force to study the issuance of a state-issued crypto-
currency in to raise revenue New York State. (NYcoin)
SUMMARY OF PROVISIONS:
DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE):
N/A
JUSTIFICATION:
It is important for our state to review, explore and propose different
forms of revenue raising, in place of taxes. The new technologies allows
New York new opportunities in dynamic revenue sources.
The possibility of raising capital through cryptocurrency and the abili-
ty to create a tokenized security for infrastructure projects, state
programs, or other state related projects is possible.
This bill creates a taskforce to study the possibility of creating a
state-issued cryptocurrency in New York State to fund certain infras-
tructure projects or other state efforts.
PRIOR LEGISLATIVE HISTORY:
N/A
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To be determined
EFFECTIVE DATE:
Effective immediately
