A proposal aimed at setting up a crypto monitoring team in the US state, Pennsylvania has been drafted in the state’s general legislative house. According to reports, the crypto monitoring team will be responsible for assessing the possible effects of the vast adoption of cryptocurrency assets in the US state. The proposal titled the ‘Digital Currency Task Force Act’ was drafted back on July 19.
The proposal was the idea of some legislators of the General Assembly, comprising eight democrats and two republicans, making a slightly biased proposal. Following this, it was referred to the Committee on commerce. Details of the said proposal indicates that the monitoring team will oversee the amount of cryptocurrencies being traded in the state, and on crypto exchanges operating there.
Pennsylvania Monitoring Team Will Oversee Operations of Crypto Exchanges
The monitoring team will likewise attend to issues relating to the investments from institutional investors who seek more exposure to crypto assets and digital currencies including the possible tax implications of cryptocurrencies on State and local taxes. In addition, the monitoring team will also assess the accountability of crypto exchanges in relation to price manipulation and illicit operations like money laundering, terrorism financing with crypto.
In light of the above, the said monitoring team will research crypto-related policies set up by other regulatory bodies. The team will be made up of thirteen members who will not be compensated for their efforts. Members of the team will also hold general meetings at different intervals. Ultimately, their findings will be delivered to the Governor of the state and the General Assembly.
Texas State Enacts Crypto-Friendly proposal
In contrast, in May, the state of Texas drafted a crypto-friendly proposal where it defined cryptocurrencies. Governor of Texas, Greg Abbott while speaking on the proposal noted that it was necessary for the state to catch up with the crypto adoption train. Texas has positioned itself as a pro-crypto state, even encouraging miners to set up mining farms there. During the Chinese miners exodus, Texas became one of the top choices for them as apart from being pro-crypto, it also boasts of cheap nuclear energy, a clean power source for mining operations.
Generally, the disposition of the US government towards cryptocurrencies has not been favorable. On a number of occasions, US regulators have threatened to crack down on crypto transactions, which they claimed provided an avenue for money laundering and other illegal operations.
At one point, US regulators proposed a 40% tax law on transactions above $10,000. Calls are continually being made for stringent crypto regulations while in some quarters, a softer approach is advocated. Meanwhile, the mayor of American city, Miami, Francis Suarez is looking at attracting miners to the city.