New York City to Conduct Study on Impact of Cryptocurrency and Blockchain
Date: 2025-02-13 Author: Oliver Abernathy Categories: IN WORLD
The bill provides for the creation of a working group that will analyze the cryptocurrency sector in New York. The experts will conduct research to find out how many exchanges operate in the state, the volume of digital asset trading, and the impact of cryptocurrencies on tax revenues. Particular attention will be paid to environmental aspects - studying the energy costs of mining and its impact on the environment. It is also planned to conduct a comparative analysis of local legislation with other regions.
If the initiative is approved, the appointment of group members should take place within 90 days. The final report with proposals for improving cryptocurrency regulation, increasing industry transparency, and strengthening consumer protection will be presented to the governor and New York legislators no later than December 15, 2027.
New York remains one of the key hubs of the crypto industry in the United States. Companies working with digital assets are required to obtain a BitLicense, which is issued by the New York State Department of Financial Services (NYDFS). However, last year, local authorities expressed doubts about the effectiveness of this license due to the lengthy process of obtaining it.
At the federal level, in January, the US Securities and Exchange Commission (SEC) announced the formation of a working group to develop new rules for regulating the cryptocurrency market. The initiative was led by SEC Commissioner Hester Peirce.
If the initiative is approved, the appointment of group members should take place within 90 days. The final report with proposals for improving cryptocurrency regulation, increasing industry transparency, and strengthening consumer protection will be presented to the governor and New York legislators no later than December 15, 2027.
New York remains one of the key hubs of the crypto industry in the United States. Companies working with digital assets are required to obtain a BitLicense, which is issued by the New York State Department of Financial Services (NYDFS). However, last year, local authorities expressed doubts about the effectiveness of this license due to the lengthy process of obtaining it.
At the federal level, in January, the US Securities and Exchange Commission (SEC) announced the formation of a working group to develop new rules for regulating the cryptocurrency market. The initiative was led by SEC Commissioner Hester Peirce.
