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The New York Digital Currency Task Force Appoints Six New Members

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NYS Digital Currency Task Force appoints six members

The legislature of the state of New York has appointed six new members for its Digital Currency Task Force. Clyde Vanel, an Assemblymember unveiled this news through a video on July 23. He noted that the selected members are all experts in the blockchain and crypto sectors.

Per the announcement, the selected individuals have different skills.  The group comprises three CEO’s from blockchain firms, two members of crypto and blockchain think tanks, and a regulatory expert in the space. According to Vanel, this group will advise the state on how to “regulate, define, and use” crypto. In addition to this, it would also prepare reports on the state of the crypto sector for December 15 next year.

The newly added members are,

  • Joseph Lubin, the founder of Consensys
  • Sandra Ro, the CEO of Global Blockchain Business Council
  • Yaya Fanusie, an adjunct fellow at the foundation for Defense of Democracies
  • York Rhodes, a co-founder of Blockchain at Microsoft
  • Ryan Zagone, Ripple’s director of regulatory relations
  • Aaron Wright, a professor of law at Cardozo School of Law

Commenting on the appointments, Vanel noted,

We’re excited that we’re going to have some of the premier people in blockchain technology and in cryptocurrency to help guide New York State and the country – and maybe the world – on our finding the right level of regulations,

NYS Governor Set to Appoint Seven More Members

The state of New York first proposed the Digital Currency Task Force on January 4 this year. At that time, Andrew Cuomo, the state’s governor noted that the unit could use the blockchain to improve state elections. Furthermore, the governor believes it could help with record-keeping and real-estate transactions. Moreover, this task force will also examine the energy costs of crypto mining and the impact of crypto coins on tax collection.

Vanel believes that the newly appointed members will still have to appear before the house legislature and the governor for confirmation. The unit will consist of 13 members. Governor Cuomo is set to select the remaining seven individuals.

While this is bullish news for the crypto sector as a whole, it has attracted some backlash on social media.

Preston Byrne, an attorney that specializes in tech upstarts and cryptographic firms tweeted,

There are a number of amazing crypto companies in New York City. Why none of these companies is represented on this list I do not know.

On top of this, he said,

Also, the fact that @clydevanel clearly wasn’t aware of the close connections among the CSys crowd suggests that independent advisors might be a smarter route than corporate advisors.

This news comes after the US House of Representatives Financial Services Committee passed a resolution to create a FinTech task force. The group would allegedly, “examine the current legal framework for fintech, how fintech is used in lending and how consumers engage with fintech”.

Do you think New York’s move to create a Digital Currency Task Force shows governments have realized the potential of the nascent sector? Let us know in the comments below.

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