Pennsylvania bill proposes new digital currency task force

Pennsylvania bill proposes new digital currency task force

Lawmakers in Pennsylvania have introduced a new bill that could pave the way for the creation of a digital currency task force, in the latest step towards adoption of digital currencies in the state.

Bill HB1724 presented to the General Assembly would create a mandate for a task force to look at the impact of digital currencies, were they to be embraced more formally in the state.

Introduced by a collective of eight Democrats and two Republicans, the bill would be known as the Digital Currency Task Force Act. It is currently with the Committee on Commerce for further consideration.

The bill says the new task force would be expected to determine how many and which currencies could be traded in the state, as well as the exchange platforms licensed to trade there. It will also look at investment institutions with exposure to digital currencies, as well as the tax implications of digital currencies at both state and local levels.

The bill also takes aim at transparency in the digital currency markets, with a focus on price manipulation and other nefarious activities thought to be conducted through digital currency markets. The task force is expected to take a comparative approach, weighing up different strategies and regulation from counterpart agencies from elsewhere in the world.

The task force would be comprised of a panel of 13 members, serving on a voluntary basis, which will hold public hearings throughout the process of its market review. The panel will then be expected to submit findings to the governor and the General Assembly as part of its legislative mandate.

The steps towards creating a task force in Pennsylvania mimic similar moves elsewhere in the United States, with state legislatures increasingly investigating digital currencies and their wider implications.

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