A bill to set up the crypto task force in Pennsylvania has been presented to the state’s General Assembly. Introduced on July 19, 2021, the bill has been referred to the Committee on Commerce.
Bill no. 1724HB is published by Legiscan. The Moderate Partisan bill introduced by Eight Democratic and two Republican members of the General Assembly. The proposed crypto task force will check the potential impact of widespread crypto and digital currency adoption in the state.
If a bill is passed, then it will be known as the “Digital Currency Task Force Act.” Highlighting the duties of the proposed task force, the bill says the agency would determine “the number of cryptocurrencies being traded in the state and the exchange platforms operating in Pennsylvania.”
The task force sees into investment entities that are significant investors in digital currency. It will also look into the potential tax implication of cryptocurrencies on State and local taxes. Pennsylvania task force bill also looks to evaluate the transparency of crypto marketplace, especially in market manipulation and other illegal activities. The task force studies crypto rules and regulations from various national and international regulatory agencies.
According to the details of bills, the task force would consist of 13 members who will serve without any compensation. The task force will also wait for public hearings as part of its crypto market review process. The working group will also prepare and submit its findings to the Governor and the General Assembly.
