The cryptocurrency industry has once again come to spotlight in New York, with the state now arguably holding the record for creating the country's first crypto tax force.
A New York State Assemblyman and the Chairman of the subcommittee on the internet and new technologies, Clyde Vanel, confirmed the latest development via a Facebook update.
He also wrote extensively on how the new task force which has been signed into law by Governor, Andrew Cuomo will benefit the emerging industry.
One of these benefits is that the task force which will be made up of experts will help New York to strike a balance between having a robust blockchain industry and cryptocurrency economic environment.
Additionally, the new agency’s efforts will ensure protection for investors and consumers, thus, making the state a “global hub for smart innovation.”
Clyde also confirmed that members of the new task force would be selected through the collective effort of the New York State Assembly, the Senate and Governor, Andrew Cuomo while they will have to submit a first report regarding the cryptocurrency industry before a set December 15, 2020 deadline.
United States Regions Adopt Different Strokes For Different Folks Outlook on Cryptocurrencies
Generally, the U.S crypto industry remains loosely regulated when compared to other traditional asset markets, but that has not stopped different regions in the States to create their approach to the invention.
While we reported earlier today that the Texas Department of Banking had released a memorandum to regulate cryptocurrency related activities, another State, Ohio in November beat the others to become the first to accept Bitcoin for tax payments.
Moving away to nearby Colorado, a new bill called the “Colorado Digital Token Act” was introduced last week with the goal of exempting of cryptocurrencies from securities law and has been submitted for review by the Senate.
On a Federal level, two U.S Reps, Warren Davidson and Darren Soto in December also proposed a new bill tagged the “Token Taxonomy Act” as a way to release ICO tokens from U.S Securities law.