Senator James Sanders Jr. Has introduced the New York State Cryptocurrency and Blockchain Study Act to create a 17-member task force. This group will investigate the implications of digital currencies, including transaction volumes, tax revenue implications, and the number of crypto exchanges operating in New York.

The task force will also examine the environmental effects and energy consumption of cryptocurrencies. Their findings, which will be reported by December 15, 2027, are expected to propose legislative reforms related to consumer protection and financial transparency.

Currently under committee review, the bill must pass debates in both legislative chambers to become law. New York’s BitLicense program faces criticism, highlighting the ongoing debate around crypto regulations in a state described as a hub for the digital currency industry.