Pennsylvania legislature mulls crypto task force bill

The proposed crypto task force will examine the impact of crypto and digital currencies across the Commonwealth of Pennsylvania.

A bill to establish a crypto task force in Pennsylvania has been introduced in the state’s General Assembly.

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

A moderately partisan bill introduced by eight Democratic and two Republican members of the General Assembly, the proposed legislation, if passed will be known as the “Digital Currency Task Force Act.” Introduced back on July 19, the bill has been referred to the Committee on Commerce.

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

The task force will also look into investment entities seeking large-scale exposure to crypto and digital currencies and the potential tax implications of cryptocurrencies on State and local taxes.

Pennsylvania’s crypto task force bill also seeks to evaluate the transparency of the crypto marketplace, especially in price manipulation and other illegal activities. The task force will study crypto regulations from various national and international regulatory agencies.

Back in January 2019, Pennsylvania’s Department of Banking and Securities ruled that crypto exchanges did not fall under money transmission laws.

According to the details of the proposed bill, the task force would comprise 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 task force will also prepare and submit its findings to the Governor as well as the General Assembly.

Legislative action to create crypto-related task forces is common in the United States. In September 2018, the U.S. House of Representatives passed a bill establishing a task force mandated to combat the use of cryptocurrencies for financing terrorist activities.

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