Latest Pennsylvania Legislature Considers Cryptocurrency Task Force Bill

2021-8-9 19:00

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.

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

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Global Cryptocurrency (GCC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0034358 (-100%)

bill force state legislature task pennsylvania cryptocurrency

bill force → Результатов: 31


Фото:

Representatives Introduce Anti-Terrorism Financing Bill to US Congress

In a bid to combat the use of digital currencies as means of financing terrorism, a group of representatives from the Republican and Democratic Parties has introduced a bipartisan bill to the House on Jan 13, which seeks to create a task force focused on preventing the usage of cryptocurrencies in sponsoring terrorism.  Bill AgainstRead More

2021-1-16 20:00


Фото:

South Korea Passes Bill to Regulate Cryptocurrency in Line With FATF Standards

South Korea’s National Assembly finally passed a bill that provides a framework for the regulation of cryptocurrencies and exchanges. Crypto service providers will be required to use the real-name verification system and comply with reporting requirements in line with the global cryptocurrency standards set by the Financial Action Task Force (FATF).

2020-3-8 20:38


Фото:

Harsh Crypto Regulations Force Another Indian Exchange out of Business

Indian crypto market faces another strong blow as Coinome exchange announced that it will be shutting down business from May 15, Quartz reported May 10, 2019. Third Major Crypto Business to Fall to Unfavorable Regulations The recent bill introduced by the Indian government that proposes a blanket ban on cryptocurrencies has had a far-reaching effectRead MoreRead More.

2019-5-11 01:00