BILL NUMBER: S3985
SPONSOR: PARKER
 
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:
Section 1: A task force is hereby established to study the impact of a
state-issued cryptocurrency on the state of New York.
Section 2: Outlines what the task force shall be comprised of.
Section 3: This act shall take effect immediately.
 
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 ability 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:
2023-24: S6134 - Referred to Finance
2021-22: S5042 - Referred to Finance
2019-20: S4562 - Referred to Finance
2017-18: S7725 - Referred to Finance
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To Be Determined.
 
EFFECTIVE DATE:
Effective immediately.