New York Governor Andrew Cuomo recently signed a crypto study bill paving the way for the formation of the first US crypto task force.

Clyde Vanel, the NY state Assemblyman on Facebook broke out this news saying the task force will benefit both investors and the blockchain industry.

The Assemblyman also commented that the task force of experts will aid them to maintain the balance betwixt having a crypto economic environment and a robust blockchain industry. He also added that at the same time it will help to protect NY state consumers and investors.

As per the announcement, NY state Senate, Assembly and the Governor will appoint members of the crypto task force. They will choose the members from the tech industry, blockchain firms, academia, and the investor community. The task force will provide the report by December 15, 2020.

First Venture in US

The New York-based tech nonprofit firm, Tech:NYC stated that the crypto task force would be the first in the US. And this will help in strengthening the state’s status as an international hub for smart innovation.

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The New York AG’s Office at the time indicated that the investigation had begun following growth in public interest regarding cryptos. The Gemini Exchange, which was one amongst the exchanges that had received inquiries from the AG’s office. Chief Executive of the exchange welcomed the move saying that the market needed enhanced transparency and prudent regulation.

Not all the crypto exchanges at the time welcomed the questionnaires by the AG’s office with open arms. Jesse Powell, the CEO, and founder of Kraken refused to respond to the inquiry. He further posted on social media saying that the 34 questions will require a diversion of firm resources.

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Jesse Powell concluded by saying that this will completely hamper the company from accomplishing its mission.