New York creates task force to study crypto regulation.
New York became the first state in the United States to create a task force specifically dedicated to studying “how to properly regulate” cryptocurrencies. The formation of the study group was announced by State Assemblyman Clyde Vanel this Wednesday, January 2.
Vanel published through his Facebook that the initiative aims to establish how to define and properly use the cryptoactive through a specific regulatory framework. As well as the impact of regulations on the development of the environment of cryptocurrencies and the decentralized network industry.
In addition, the Assemblyman of New York also mentioned in his statement that the group will take into account the effect on taxes by commercial activity with cryptocurrencies, the transparency of the crypto-market and the utilities of decentralized technology for voting and related matters.
The study will be conducted by technology experts, users of cryptocurrencies, institutional investors, microinvestors, cryptocompany, academics and other interested parties, who must present their results before the governor, the Senate and the Assembly on December 15, 2020. .
According to Vanel, this initiative takes place after the approval by Governor Andrew Cuomo of the Law of the Lower House for the “Study of Digital Currencies”, this December 21, 2018. According to the New York Senate, said The law was introduced a year ago and was approved by the Senate months later, in June of last year.
This is one of the first state initiatives to create a specific regulatory framework for cryptoactives. However, it is not the first cryptoregulatory action of the State of New York. Recall that since 2015 companies operating with cryptocurrencies within New York must apply for a license before the State Department of Financial Services to operate. The license, known as BitLicense, has been subject to controversy and criticism in the bitcoiner ecosystem; And after four years of the launch, only eight companies have managed to obtain it.
The BitLicense caused a great exodus of crypto companies from the state of New York, as the directors of the companies did not agree with the regulation. However, during 2018 more than 80 companies associated with cryptocurrencies met with the United States Congress to request clarity in the regulatory rules for trade with cryptocurrencies.
According to some crypto companies, if the United States does not clarify the regulatory landscape, it could lose market advantage.
So far, the Securities and Exchange Commission of the United States established in the last quarter of the year that the regulation to be complied with is the one already established, so that exchange houses must comply with the Securities Law in effect for 72 years. However, states like New York, Connecticut and Vermont began studies to launch specific regulations.
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