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Latest Pennsylvania Legislature Considers Cryptocurrency Task Force Bill

Latest Pennsylvania Legislature Considers Cryptocurrency Task Force Bill

Asad Gilani
by Asad Gilani
4 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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.

Related Reading | Elon Musk Hints At Bitcoin Renewable Energy Hitting The Benchmark

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.

Related Reading | Nuggets CEO Alex Saunders Faces Harsh Criticism For Delaying Bitcoin Payments

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.

Latest Pennsylvania Legislature Considers Cryptocurrency Task Force Bill

Despite the negative news, the cryptocurrency market is following an uptrend | Source: Crypto Total Market Cap on TradingView.com

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.

Related Reading | Bitcoin Drops Significantly As The Bullish Rally Gradually Ends

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.

Featured image from Pixabay, and chart from TradingView.com
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Asad Gilani

Asad Gilani

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Asad is a freelance writer. He is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood and loves listening to folk music.

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