A New York senator has introduced a bill to create a task force dedicated to studying the impact of cryptocurrencies in the state. The proposed legislation, known as the New York State Cryptocurrency and Blockchain Study Act, aims to assess how digital currencies affect tax revenues, energy consumption, and regulatory policies.

If approved, the task force will consist of 17 members and will analyse key aspects of the crypto industry, including the number of digital currencies traded, the exchanges operating in New York, and how the state's regulations compare to other jurisdictions. The group will also evaluate the environmental impact of cryptocurrency mining and recommend measures to enhance transparency and consumer protection.

The bill is still in its early stages and must pass committee review before moving to a full vote. New York has long been a major hub for crypto, but its strict BitLicense requirements have faced criticism for being too restrictive. As more US states explore crypto regulations, the outcome of this bill could shape the future of digital assets in New York.