In Pennsylvania’s general assembly, a bill to create a crypto task group has been introduced, the bill will examine the impact of crypto and digital currencies across the Commonwealth of Pennsylvania.
The proposed crypto task group will be mandated to evaluate the potential consequences of widespread crypto and digital currency adoption in the state, according to the provisions of HB1724 published by LegiScan.
The “Digital Currency Task Force Act,” filed on July 19, is a somewhat political bill introduced by eight Democratic and two Republican members of the General Assembly. If passed, the bill will be known as the “Digital Currency Task Force Act.”
The proposed task force’s responsibilities were outlined in the law, which stated that the body would identify the number of cryptocurrencies traded in the state and the exchange platforms that operate in Pennsylvania.
The task group will also look into large-scale exposure to crypto and digital currencies by investment firms, as well as the potential tax effects of cryptocurrencies on state and municipal taxes.
Pennsylvania’s crypto task force bill also aims to assess the market’s transparency, particularly in terms of price manipulation and other criminal activity. The task force will look into crypto rules from a number of national and international regulatory bodies.
The Pennsylvania Department of Banking and Securities determined in January 2019 that crypto exchanges were not subject to money transmission rules.
According to the proposed bill’s specifications, the task force would be made up of 13 members who would serve without pay. As part of its crypto market review, the task group will hold public hearings.
In addition, the task force will compile and present its conclusions to both the Governor and the General Assembly.
In the United States, legislation to establish crypto-related task teams is widespread. The United States of America (US) declared war on ISIS in September 2018.
The House of Representatives passed a bill creating a task force to prevent the use of cryptocurrency for terrorist financing.
Another bill was submitted in the House at the start of the year, attempting to establish a task group with a similar authority in the aftermath of the January 6 violence at the United States. Capitol.