New York Appoints Six Members to Crypto Task Force

The New York State Assembly legislators have appointed six crypto and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term industry experts as members of the New York State Digital Currency Task Force.

The announcement was made by Assemblymember Clyde Vanel on July 22, naming the six members who will be responsible to investigate and make regulatory recommendations regarding Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and blockchain as a whole.

The six members are ConsenSys founder Joseph Lubin; Global Blockchain Business Council CEO Sandra Ro; Yaya Fanusie, an adjunct fellow at the foundation for Defense of Democracies; co-founder of Blockchain @ Microsoft York Rhodes; director of regulatory relations a Ripple Ryan Zagone; and Aaron Wright, a professor of law at Cardozo School of Law.

“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,” Vanel said in the video announcement.

Formed in January, the task force became the first such body in the entire country to advise authorities on how to “regulate, define and use” cryptocurrencies.

The task force will have 13 members - six of whom are appointed by the Assembly, while the rest will be appointed by New York's Governor.

Vanel also detailed that the six names now have to get an approval from the house of the legislature and the Governor as well.

The task force is the result of a bill dubbed “The Digital Currency Study Bill,” which was passed and turned into law in December 2018. That also detailed that the task force's needs to submit its assessment of the industry by December 15, 2020.

A good selection?

However, a few suggested names are also getting some criticisms from a part of the community for not including key members based on the state of New York.

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.

— Preston Byrne (@prestonjbyrne) July 23, 2019