Senator wants to evaluate environmental impact of Bitcoin and other cryptocurrencies

New York State Senator James Sanders Jr. and chairman of the Banking Committee, advocates the creation of a crypto task force to evaluate the impact of cryptocurrencies on state revenues and the environment.

The task force would consist of representatives from the Ministry of Finance, environmental organizations and economic experts. Although members would not be paid for their services, they would receive reimbursement for expenses incurred, as stated in the bill.

The results of the task force would be incorporated into future state and New York City crypto policies. Sanders describes NYC as "the financial capital of the world." He notes that New York competes with London, Tokyo, Shanghai and Hong Kong for financial investment and its position as a leading financial hub.

New York's crypto policy is one of the strictest regulations in the US, causing some crypto companies to avoid the state entirely. While New York remains cautious about cryptocurrencies, some 21 US states are already trying to implement a strategic Bitcoin reserve.

Texas is leading the way; a recently published bill would make the state the first to establish a strategic Bitcoin reserve, according to Senator Charles Schwertner.