Asm. Clyde Vanel

The task force will provide necessary information before implementing new cryptocurrency regulations to protect the public. The revised bill addresses prior gubernatorial veto concerns by placing the task force under DFS, which resolves budgeting issues.

Casinos and college campuses are captive audiences where ATM fees often exceed $10, far above industry norms. DFS will establish reasonable limits through regulation, protecting students and casino patrons from predatory fees when they have no practical alternatives to access their own money.

The bill will minimize childhood trauma associated with parental arrest and help strengthen community trust and improve police relations.

The bill will minimize childhood trauma associated with parental arrest and help strengthen community trust and improve police relations.

Argued that New York must understand blockchain technology's implications for innovation, jobs, economic growth, and environmental issues to maintain its position as the financial capital and compete with London, Tokyo, Shanghai, and Hong Kong for financial investments.

Explained the bill establishes a task force to provide information on cryptocurrency and blockchain effects. Defended New York's Bit license as protective of consumers from unscrupulous actors, noting DFS is a premiere regulatory agency.

Argued New York must maintain its position as the global financial capital by thoroughly understanding blockchain technology and cryptocurrency's implications for innovation, jobs, economic growth, and environmental issues to supplement the existing Bit license framework.

Extensive debate centered on whether the bill creates an unfunded mandate on local law enforcement and whether existing policies already address child welfare during arrests. Supporters argued the bill directs the State Police Superintendent to develop protocols in consultation with other agencies and does not dictate specific police actions, while also providing clarity and protection for officers. Opponents contended that police already exercise sensitivity toward children during arrests, that the bill lacks specificity regarding emergency situations, and that it was not developed in consultation with local law enforcement, District Attorneys, or the PBA despite New York's diverse policing landscape.

New York must establish a framework for cryptocurrency and blockchain that protects consumers while fostering economic growth and maintaining the state's position as a global financial leader. A task force approach allows coordination among all stakeholders—industry, academia, community organizations, and government agencies—rather than one body imposing comprehensive rules.

Mr. Goodell explained his vote in support after the bill was laid aside the previous week for clarification on the term 'reason to know.' Goodell noted that the bill sponsor clarified that both Federal and State databases exist enabling quick verification of whether a mortgage broker or bank is licensed in New York State, making the 'reason to know' standard straightforward and enforceable.