Assembly creates cryptocurrency and blockchain study task force under Department of Financial Services

The Assembly on May 28 approved A.3279-A to establish a New York State Cryptocurrency and Blockchain Study Task Force within the Department of Financial Services (DFS). Sponsor Vannell said the task force will explore effects from expanded use of cryptocurrencies and digital currencies and report findings to the governor and legislature by December.

Members noted the bill had previously been vetoed by the governor and asked whether changes addressed prior budgetary concerns; the sponsor said locating the task force within DFS resolved that issue. Questions included the size and appointment process for the panel: the bill now provides for a larger membership appointed by the governor, the controller (or designee), the senate majority leader and the speaker of the Assembly. Questioners asked why the minority conference receives no formal appointment slots; the sponsor said the appointments align with standard boilerplate for legislative task forces but acknowledged minority members’ concerns.

Assemblymember Callas and others opposed based on environmental concerns tied to proof-of-work crypto mining and urged that environmental expertise be included on the task force. Callas voted against the bill for that reason. The final recorded vote was Ayes 139, Noes 3; the bill passed.

Next steps: the law directs DFS to assemble the panel, convene meetings, solicit evidence, then deliver a report to the governor and legislature by the statutory deadline.

Votes at a glance: A.3279-A — Ayes 139, Noes 3 — Passed.