New York State is planning to create a cryptocurrency task force that would study the impact of digital currencies on the state's financial markets.
The move is to provide the governor and the legislature with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies, and blockchain industries in the state.
The banks committee of the New York state legislature voted last week to progress a bill to create the task force.
Once passed, the bill would establish the task force, which would consist nine members. They are required to submit a report to the governor, temporary president of the senate, and the speaker of the assembly by December of 2019.
The task force will conduct a study on the number of digital currencies and exchanges operating in New York state and their average monthly trade volume, as well as the digital currencies' impact on state and local tax receipts, among others.
The task force's work will also include "a review of laws and regulations on digital currency used by other states, the federal government, foreign countries, and foreign political and economic unions to regulate the marketplace."
The Securities and Exchange Commission has opened a number of investigations in recent times into initial coin offerings for fear of many of them being scams.
The New York State Attorney General's Office reportedly initiated an inquiry into cryptocurrency exchanges in April by sending questionnaires to 13 major exchanges that included Coinbase, Gemini, and Binance.
Regulators around the world are taking strict stance against cryptocurrencies amid concerns over excessive speculation, money laundering and tax evasion, which led to increased volatility in global markets for bitcoin, and other digital tokens since November last year.
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