Rather than fear blockchain technology and cryptocurrencies, Vanel said New York should study and understand it. He has proposed a series of bills on the issue, the most important of which is to create a task force comprised of technologists, community members and business leaders.
The task force would study not only the effect of cryptocurrency on the state, but how regulations like the BitLicense affect businesses.
“Since we’ve entered our BitLicense, there’s been a number of companies that have left our state,” Vanel said. “There’s been a number of transactions that we don’t have here.
“Let’s not say whether it’s good or bad, let’s get the stakeholders together,” he added. “That’s the approach we should take as we see what’s going on and as the industry matures.”
Another bill he has proposed would employ blockchain technology for state records. It can be used to store data, but also for tasks like pulling transcript records at a SUNY school.
Vanel acknowledged the trepidation among many of his state colleagues. People are not comfortable with new technology on uncharted ground, he said.
“Things are still happening and solidifying,” Vanel said. “What’s important is to see where the ball is going and see where New York State is going.”