Regulation News

Ripple and Ethereum Appointed to Join NY Crypto Task Force

Member of the New York State Assembly, Clyde Vanel, announced the appointment of six additional members in the task force. The group’s role entails the investigations and research of digital currencies including their new and old projects, as well as to advise regulators on how to make improvements in their regulation regarding digital assets.

The task force has six members and is expected to have seven more members joining soon. The earlier six members were chosen by the New York State Assembly and include ConsenSys founder Joseph Lubin, Global Blockchain Business Council CEO Sandra Ro, adjunct fellow at the Foundation for Defense of Democracies Yaya Fanusie, co-founder of Microsoft York Rhodes, director of regulatory relations at Ripple Ryan Zagone, and professor of law at Cardozo School of Law Aaron Wright.

High expectations from new members

Clyde Vanel said:

“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 and the country and maybe the world on our finding the right level of regulations.”

When the task force was initially proposed, Governor Cuomo said he believed the technology could be used for state elections, record-keeping, and real estate transactions. The unit will also examine the energy costs of crypto mining and the digital asset’s impact on tax collection. According to reports, selected members still need to go before the house legislature and the Governor for confirmation, while the remaining seven task force members will be selected by Governor Cuomo. The announcement has received some criticisms on social media, including those that oppose a regulatory unit comprised of corporate actors.

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