Hochul Vetoes New York Bill To Study Crypto Impact on Tax Receipts

New York Gov. Kathy Hochul (D) vetoed a bill Friday that would have created a task force to study the effects of the use of cryptocurrencies, including their impact on state and local tax receipts.

The legislation, A954, would have created a 16-member task force to study digital currencies and their ancillary systems, including blockchain technology, in the state. In addition to assessing the tax impacts of digital currencies, the task force was designed to review the number of digital currencies being traded and their approximate market share, the energy consumption necessary for coin mining operations, and the transparency ...