The State of Pennsylvania may soon empower a task force that will monitor the operations of cryptocurrency brokers in the State. The Bill has appeared in the General Assembly, and the Legislature is already mulling over it.
The details of the Bill, HB1724 by LegiScan enumerates the task force’s work to examine the impact of and digital currency on Pennsylvania.
The Crypto Task Force Bill
From our sources, we gathered that two Republicans and eight Democratic members of the Assembly introduced the bill in 2021. If passed, the Bill will then become the Digital Currency Task Force Act. For now, the Committee of Commerce is analyzing the Bill.
The task force will determine the total number of cryptocurrency that will trade on the Pennsylvania exchange plus others.
They aim to investigate investment operators who want to operate massively in crypto & digital assets and determine the tax implications of crypto on the taxes at the State & local level.
Another important duty of the task force is to evaluate the crypto market in terms of transparency. They must find out if there are illegal activities such as price manipulations and others.
This new Taskforce will also look into different crypto regulations from many regulatory authorities all over the world.
Let’s recall that last two years, the Department of Banking & Securities in Pennsylvania ruled crypto exchanges out of money transmission regulations.
More Details About Cryptocurrency Task Force
The Bill stated that the total number of members that will operate the task force would be thirteen (13). These members will carry out these duties without compensation.
Also, apart from other duties, they will hold “public hearings” to facilitate their reviewing process. In fact, the task force will prepare the findings in a report and send it to the General Assembly and the Pennsylvania Governor.
Before this proposed task force, there have been established to monitor and study the crypto industry in the US.
The first one was in 2018 when the US House of Reps passed a new bill for such a task force. The major goal of the task force was to fight the illegal use of crypto financing terrorist activities. Earlier this year, the “Crypto Anti-terrorism Bill” made its way into the House of Representatives.
The reason behind this Bill was to prevent the riot that occurred in the U.S. When extremists used DLive to broadcast a riot and raise donations worth hundreds of thousands of dollars in crypto.