New York Legislature Names Initial Members to Crypto Task Force

The New York State legislature has selected six representatives from the blockchain and cryptocurrency industry to join its Digital Currency Taskforce, first formed in January.

Revealed in a video announcement Monday, Assemblymember Clyde Vanel announced the legislature has selected three chief executives from blockchain startups, two members of industry think tanks, and a regulatory expert in the field.

The group will advise the state on how to “regulate, define and use” cryptocurrencies and prepare reports on the state of the crypto industry for December 15, 2020.

Members 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 Blockchain @ Microsoft York Rhodes, director of regulatory relations a Ripple Ryan Zagone, and professor of law at Cardozo School of Law Aaron Wright.

“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,” said Vanel.

When the task force was first proposed, Governor Cuomo said at the time 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 assets impact on tax collection.

Though selected, members still need to go before the house legislature and the Governor for confirmation, according to Vanel. The remaining seven task force members will be selected by Governor Cuomo.

The announcement received some backlash on social media, including from those that oppose a regulatory unit comprised of corporate actors.

Preston Byrne, an attorney that specializes in technology upstarts and cryptographic firms, said:

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