The state of Pennsylvania may soon establish a task force to oversee the activities of cryptocurrency brokers in the state. The Bill has been introduced in the General Assembly, and the Legislature is already debating it.
The details of the Bill, HB1724 by LegiScan, enumerate the work of the task force to investigate the impact of and digital currency on Pennsylvania.
Bill Establishing a Crypto Task Force
According to our sources, the bill was introduced in 2021 by two Republicans and eight Democratic members of the Assembly. If it is passed, the Bill will be known as the Digital Currency Task Force Act. For the time being, the Commerce Committee is reviewing the Bill.
The task force will determine the total number of cryptocurrencies that will be traded on the Pennsylvania exchange, as well as other factors.
They intend to investigate investment operators who want to invest in crypto and digital assets on a large scale, as well as to determine the tax implications of crypto on state and local levels.
Another important task of the task force is to assess the transparency of the cryptocurrency market. They need to find out if there are any illegal activities going on, such as price manipulations and so on.
This new Taskforce will also investigate various crypto regulations from various regulatory authorities around the world.
Let us recall that in the last two years, the Pennsylvania Department of Banking and Securities exempted cryptocurrency exchanges from money transmission regulations.
More Information on the Cryptocurrency Task Force
According to the legislation, the task force will have a total of thirteen members (13). These members will perform these tasks for no monetary compensation.
In addition, in addition to their other responsibilities, they will hold “public hearings” to facilitate their review process. In fact, the task force will compile its findings into a report that will be sent to the General Assembly and the Governor of Pennsylvania.
There have previously been task forces established to monitor and study the crypto industry in the United States.
The first was in 2018, when the US House of Representatives passed a new bill creating such a task force. The task force’s main goal was to combat the illegal use of cryptocurrency in the financing of terrorist activities. The “Crypto Anti-terrorism Bill” was introduced earlier this year in the House of Representatives.
This Bill was created to prevent the riot that occurred in the United States, when extremists used DLive to broadcast a riot and raise donations worth hundreds of thousands of dollars in cryptocurrency.