New York Act Would Create Taskforce On Economic Zoning For Cryptocurrency Mining

An act before the Committee on Economic Development in the Big Apple would examine the potential for economic zones to empower cryptocurrency mining.

  • Introduced in New York on February 14, 2018, A09862 proposes to set up a taskforce to better understand the impact of designating “economic empowerment zones” for cryptocurrency mining.

    If the act passes, the taskforce would analyze eligibility requirements, cybersecurity threats, the role that utility companies might play, and the general effect that creating such zones might have on employment within the respective areas. Additional topics to consider would be determined by an appointed chairperson.

    The act would also require “all departments, divisions, bureaus, commissions, districts or agencies of the state or any political subdivisions” to provide relevant assistance and data at the chairperson’s discretion, pursuant to the taskforce’s mission.

    The governor, temporary president of senate, speaker of the assembly, and superintendent of the department of financial services would each appoint two members to the taskforce. In addition, the office of information technology services would appoint a single member to the taskforce. One of the governor’s appointees will serve as the chairperson.

    A report from the taskforce would be submitted to both the governor and legislature of New York one year from the act’s effective date.

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