Memorandum of Support

NY Assembly Bill A9275 / S8343
Cryptocurrency and Blockchain Study Task Force

April 8, 2022

To: Senate Banks Committee
From: Chamber of Digital Commerce
Re: A.9275 (Asm. C. Vanel)/S.8343 (Sen. J. Sanders, Jr.)
Date: Friday, April 8, 2022

The Chamber of Digital Commerce (The Chamber) writes to express our support for A.9275 (Asm. Vanel)/S.8343 (Sen. Sanders). If enacted, this bill would establish a state cryptocurrency and blockchain task force charged with studying the digital currency, cryptocurrency and blockchain industries in New York State and their corresponding financial and environmental impacts. 

The digital asset ecosystem is spurring economic growth, job creation, economic inclusion for historically underrepresented populations and innovation in New York, and this is being achieved while also creating financial incentives for the buildout of renewable energy infrastructure. Now more than ever, the digital asset community must be supported. If enacted, the Chamber looks forward to supporting the work of the task force and helping it further understand the many economic and environmental benefits this thriving industry can provide the citizens of New York.

Established in 2014 as the world’s first and largest blockchain trade association, the Chamber’s mission is to promote the acceptance and use of digital assets and blockchain technology. The Chamber is  supported by a diverse membership that represents the blockchain industry globally, including more than 200 of the world’s leading startups, software companies, financial institutions, and investment firms, as well as other market participants, including digital asset mining firms. 

New York has traditionally been the leader for financial invention, growth and development, and it is no coincidence that a large percentage of the Chamber’s members cite New York as their company headquarters, including several of the Association’s largest proof-of-work mining members. This legislation takes an important “whole of government approach” in the Legislature to work for the people of New York and an opportunity in this emerging industry. 

Digital assets have been adopted by over 100 million individuals worldwide over its short lifetime and has been creating an opportunity for millions of people in less fortunate economic circumstances; including those who are unbanked. Digital assets represent a breakthrough by offering workers and savers a way to protect themselves from inflation and provide access to the financial system by storing their wealth in a medium that is independent of traditional banks, fees and long-standing inequities in our banking system.

This legislation offers a real opportunity to convene government, stakeholders and industry for the benefit of New York’s citizens and the digital asset community. The Chamber fully supports this legislation, and urges the Senate to pass this critically needed task force/study bill.