Pennsylvania Legislature Reflects Crypto Task Force Bill

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A bill to establish a Pennsylvania crypto task force has been presented to the state General Assembly.

According to details of HB1724 released by LegiScan, the proposed crypto task force will be mandated to examine the potential impact of the widespread adoption of crypto and digital currency in the state.

A moderately partisan bill introduced by eight Democratic members and two Republican members of the General Assembly, the bill, if passed, will be known as the Digital Currency Task Force Act. Introduced on July 19, the bill was referred to the Trade Committee.

Outlining the functions of the proposed task force, the bill said the agency would determine the number of cryptocurrencies traded in the state and exchange platforms operating in Pennsylvania.

The working group will also examine investment entities seeking large-scale exposure to cryptocurrencies and digital currencies and the potential tax implications of cryptocurrencies on national and local taxes.

The Pennsylvania Crypto Task Force Bill also seeks to assess the transparency of the crypto market, particularly with respect to price manipulation and other illegal activity. The working group will study the crypto regulations of various national and international regulatory bodies.

In January 2019, the Pennsylvania Department of Banking and Securities ruled that crypto exchanges did not fall under money transmission laws.

Related: Texas House Passes Crypto-Friendly Bill, Now Goes to Senate

According to the details of the bill, the task force would consist of 13 members who will serve without any compensation. The task force will also hold public hearings as part of its crypto market review process. The working group will also prepare and submit its findings to the Governor as well as to the General Assembly.

Legislative moves to create crypto-related task forces are common in the United States. In September 2018, the United States House of Representatives passed a bill establishing a task force to combat the use of cryptocurrencies to finance terrorist activities.

Earlier this year, another bill was introduced in the House, seeking to create a task force with a similar mandate in the wake of the January 6 riot on the U.S. Capitol.

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