What's happening
This bill increases the number of members on New York's digital currency task force from nine to thirteen.
Why it matters
Broader representation. By increasing the number of members and especially the governor’s appointees (from 3 to 7), the task force may incorporate a wider range of expertise and viewpoints, which could lead to more thorough and diverse recommendations on digital currency policy.
Greater influence for the executive branch. The governor’s increased appointment power may shift the balance of influence within the task force, potentially aligning its direction more closely with the governor’s priorities regarding cryptocurrency regulation and innovation.
Potential for more robust policy development. With more members, the task force might be able to address a broader array of topics and stakeholder concerns related to digital currency, such as consumer protection, financial innovation, and law enforcement challenges.
Implications for industry and consumers. The composition and recommendations of the task force could shape future legislation or regulations that directly affect digital currency businesses and users in New York, influencing the state’s role as a center for financial technology.
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Who cares
Headline styles
Expand Digital Currency Task Force
Plain English, a few words. Used as the page title.
Sponsors
2 Co-sponsors
History
- Signed chap.195
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading cal.40
- Substituted for A1914
- Referred to banks
- Delivered to assembly
- Passed senateVote 58–3
- Ordered to third reading cal.14
- Referred to rules
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Expand Digital Currency Task Force
Assembly Floor Calendar · Sponsor Clyde Vanel
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1194
2019-2020 Regular Sessions
IN SENATE
January 11, 2019
Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Rules
AN ACT to amend a chapter of the laws of 2018 establishing the digital currency task force, as proposed in legislative bills numbers S. 9013 and A. 8783-B, in relation to increasing the number of members on the task force
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 2 of a chapter of the laws of 2018 establishing the digital currency task force, as proposed in legislative bills numbers S. 9013 and A. 8783-B, is amended to read as follows:
§ 2. 1. The task force shall consist of [nine] thirteen members as follows:
a. [three] seven members appointed by the governor;
b. two members appointed by the temporary president of the senate;
c. two members appointed by the speaker of the assembly;
d. one member appointed by the minority leader of the senate; and
e. one member appointed by the minority leader of the assembly.
2. The members of the task force shall receive no compensation for their services, but shall be allowed their actual and necessary expenses incurred in the performance of their duties pursuant to this act.
§ 2. This act shall take effect on the same date and in the same manner as a chapter of the laws of 2018 establishing the digital currency task force, as proposed in legislative bills numbers S. 9013 and A. 8783-B, takes effect.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07024-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend a chapter of the laws of 2018 establishing the digital currency task force, as proposed in legislative bills numbers S. 9013 and A. 8783-B, in relation to increasing the number of members on the task force
Purpose
This is a chapter amendment that makes changes to provisions of L.2018, c.456, to clarify provisions relating to the digital currency task force
Summary of provisions
Section 1 of the chapter amendment clarifies that the task force will have a total of thirteen members, seven of which will be appointed by the Governor
Justification
Concerns were raised about the composition of the task force under the original bill. This chapter amendment provides a task force of thirteen members, seven of which will be appointed by the Governor.
Legislative history
Chapter amendment to Chapter 456 of the Laws of 2018. S.9013 and A.8783B passed both the Senate and Assembly in June of 2018.
Fiscal implications
Unknown
Effective date
This act shall take effect immediately and shall be deemed repealed on December 15, 2020.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.