The New York State Assembly in the United States is considering launching a digital currency task force to further exam cryptocurrencies and their role within New York state.
The nine person task force would be tasked with delivering their findings by December 2019, if approved. The proposal study questions are the following:
- How many cryptocurrencies are currently traded and what is their percentage of market share?
- How many crypto exchanges are operating in New York state and what’s their average monthly trading volume?
- What’s the impact of digital currency use on state and local tax receipts?
- Who are the large investors in digital currencies?
- How much energy is required to mine crypto?
- How transparent is the crypto marketplace and what’s the potential for price manipulation?
- What crypto laws are currently in place by other states, the federal government, and foreign countries?
- How can we enhance market transparency and boost consumer protection?
- How does New York plan to address the long-term impact of cryptocurrencies?
The task force possibility comes a couple months after the New York AG Eric Schneiderman launched a study into 13 cryptocurrency exchanges. A couple weeks after that, Eric Schneiderman step down from his position due to sexual harassment accusations leaving many wondering what would be New York’s cryptocurrency policy going forward.
Transition from disrespect to begrudging acceptance
Some of the proposed study questions demonstrate a lack of general cryptocurrency knowledge, such as the first question about the number of cryptocurrencies and their market share. Anyone slightly involved in the crypto space can figure this out with a five minute trip to coinmarketcap.com. Not the best sign since these individuals are in charge of making laws attempting to regulate cryptocurrencies. Nevertheless, it is still a positive sign that they are taking time to investigate questions on topics that they know little about.
Previously, when Bitcoin was much younger, NYC lawmakers thought they knew all that was necessary and their action would carry little consequences on an emerging sector, so they simply threw a couple quick regulations together and called it the Bitlicense. However, it actually caused many crypto businesses to leave the city, resulting in less economic prosperity and hurt their very own constituents. Since then, cryptocurrencies have grown in size and begun to demonstrate their economic power. New York state’s action to launch a task force to study cryptocurrencies shows that lawmakers at least now realize their lack of knowledge and the economic repercussions if bad laws are implemented since cryptocurrencies are becoming increasingly ingrained in society.
The questions, nevertheless, do hint at an agenda to discover weaknesses of cryptocurrencies that could be leveraged to justify regulations in the name of ‘consumer protections’. However, some of the more complex questions have already have had significant debates online such as the energy usage debate and regulation in other countries and states. Identities of large investors in the cryptocurrency market, along with price manipulation is harder to discuss due to pseudonymity, and yet cryptocurrency enthusiast are already discussing the problem and possible solutions. This begs the question of what the task force will discover that the cryptocurrency ecosystem has not already discovered and begun to implement solutions, especially over a year from now when the cryptocurrency world moves at lightning speeds.
Dash is committed to finding transparent solutions to customer service
Dash has been committed to providing consumers a superb product and service in a transparent way without the need for regulations. Dash is able to fund professional developers and outreach specialists through its decentralized governance and treasury system to grow Dash with attributes and partnerships that match consumers’ desires. Masternodes, who vote on proposals, have a direct incentive to fund projects that better Dash for all users since that will increase Dash usage, adoption, and thus improve the significant financial interest of masternodes. This is demonstrated in Dash’s ability to maintain low transaction fees, fast confirmation times, and security. Dash is also able to protect consumers’ financial lives better than many governments can claim.
Dash then takes that commitment to serve consumers and puts it all out in the open for any and all to comment on. All proposals and funded projects for Dash are detailed on DashCentral.org. Additional discussions are held on the active communities of Reddit, Discord, forums, and active news coverage by Dash Force News. Since developers and outreach organizers are professionally paid, this gives them incentives to release reports on the status of development or risk not getting their funding renewed. Additionally, all transactions on the Dash blockchain are visible, despite beliefs by regulators. These features grant Dash “Radical Transparency” and is partly what makes it gain its value from users. The combination of excellent consumer services and radical transparency, along with the history of Dash achievements gives users confidence that Dash will be able to solve problems to maintain and evolve Dash moving into the future.