In order to produce satisfactory regulation and achieve a deeper understanding of cryptos and blockchain technology, the state of New York will launch a new task force dedicated to studying the new technologies. The decision to do this came at the New York State Assembly meeting that was held on May 30th.
Cryptocurrencies are here to stay. The newest progress in this industry within the US came only days ago, with the state of New York deciding to advance their efforts in creating formal rules for cryptocurrencies.
The new development came at the State Assembly meeting that was held on May 30th, during which participants discussed the creation of a new task force that would focus on the study of cryptos and blockchain technology. The task force has not been officially confirmed yet, but if the proposal is approved, it will consist of nine individuals who will report their findings by December 2019.
The state of New York clearly believes that the cryptos are here to stay and that they will become a large part of the financial industry in the future as they expressed a desire to become the leader in the field.
Remaining skepticism about crypto’s durability
There are still some highly-influential individuals who continue to claim that crypto is a passing phase. Robert Shiller, the economist who won the Nobel Prize, as well as billionaire Warren Buffett, strongly believe that cryptos will soon disappear. Shiller even went as far as to call the Bitcoin mania “another example of faddish human behavior”.
On the other hand, the formation of the task team – even though not yet official – is a clear indication that top officials believe that this may not be the case.
The majority of the US still does not seem to be willing to make an effort towards a deeper understanding of cryptos, and the state of New York is only one of the few that are doing something about it. The state has made several moves towards learning about and regulating cryptos in the past, the most recent being the Attorney General Office’s inquiry of crypto exchanges that started in April of this year. Back then, the top 13 exchanges received a questionnaire to shed some light on how their businesses work.
The inquiry came in response to increased interest in cryptos from the US public, and some hacking attacks that left a mark in the past. The move was supported by Cameron and Tyler, as well as the Winklevoss twins.
The twins stated that these technologies won’t be able to reach their full potential and continue to grow without proper regulation.