A bill to set up a crypto task force in Pennsylvania was tabled in the state general assembly.
According to HB1724 details released by LegiScan, the proposed Crypto Task Force will be mandated to investigate the potential impact of widespread adoption of crypto and digital currency in the state.
A moderately partisan bill tabled by eight Democratic and two Republican members of the General Assembly, the proposed bill, if passed, will be known as the Digital Currency Task Force Act. Already presented on July 19, the bill was referred to the trade committee.
The bill, which outlines the responsibilities of the proposed task force, states that the agency will determine the number of cryptocurrencies traded in the state and the number of exchange platforms operated in Pennsylvania.
The task force will also look at investment firms seeking extensive exposure to cryptocurrencies and digital currencies, as well as the potential tax implications of cryptocurrencies on state and local taxes.
The Pennsylvania Crypto Task Force bill also aims to assess the transparency of the crypto marketplace, particularly when it comes to price manipulation and other illegal activities. The task force will examine crypto regulations from various national and international regulators.
Back in January 2019, the Department of Banking and Securities of Pennsylvania ruled that crypto exchanges would not be subject to money transfer laws.
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According to the details of the bill, the task force would consist of 13 members who will serve without compensation. The task force will also hold public hearings as part of its crypto market review process. The task force will also prepare its results and present them to the governor and the general assembly.
Legislative action to create crypto-related task forces is common in the United States. In September 2018, the US House of Representatives passed a bill to set up a task force tasked with combating the use of cryptocurrencies to finance terrorist activities.
At the beginning of the year, another bill was submitted to the House of Representatives to create a task force with a similar mandate after the January 6 unrest in the US Capitol.