Chamber of Progress Applauds NYS Assembly Passage of Crypto Study Bill

Legislation is first step toward ensuring New York supports blockchain innovation

Mar 30, 2022

The New York State Assembly today passed a measure that would create the New York State Cryptocurrency and Blockchain Study Task Force. Under the proposal, introduced by Assemblyman Clyde Vanel (D-Queens), the New York Department of Financial Services would establish a task force to examine how to foster a blockchain regulatory environment. The goals of the new task force include creating jobs, maximizing economic growth, protecting New York consumers and investors from unscrupulous actors, evaluating innovative applications for blockchain technologies, and minimizing the environmental impacts of blockchain mining.

“It’s great to see that the Empire State wants to become a crypto-friendly state,” said Chamber of Progress CEO Adam Kovacevich. “Decentralized blockchain technologies can make personal data more secure, provide financial services to the underserved, and attract high-tech jobs throughout the state. Crypto has the potential to be the next big thing – and this task force can write the rules so that it thrives responsibly in New York.”

Recent polling conducted for Chamber of Progress by Morning Consult showed that Democratic voters – particularly younger Democrats – are more positive towards pro-crypto public policies than Republican voters.