Ripple and Ethereum join New York digital currency task force

Ethereum and Ripple have joined the New York State Digital Currency task force. The force has acquired several new members appointed by the New York State Assembly.

Clyde Vanel, a member of New York State Assembly, announced the appointment of six additional members in the task force on Monday, 27th July.

The group’s responsibility includes the investigations and research of digital currencies as well as their new and old projects to advise regulators on how to make improvements in their regulation regarding them.

The task force has six members and is expected to have seven more members joining soon. The first six members were chosen by the Assembly while the appointment of the other seven members will be conducted by the governor.

The currently appointed six members consist of Joseph Lubin, the co-founder of Ethereum (ETH), Yaya Fanusie, Sandra Ro, Yorke Rhodes and Ryan Zagonne, the director of regulatory relations at Ripple (XRP).

Vanel also stated that he appreciated the fact that such honorable people from the blockchain ecosphere will help in steering the regulations of digital currency across New York and the rest of the United States. He was hopeful that such regulations would be reflected across the globe if set right.

New York is the first state to have its own crypto task force. It was formally established when governor Andrew Cuomo signed the “Digital Currency Study Bill” back on December 21 last year.

The initial idea was introduced by Vanel back in 2017 when he wanted a group to study blockchain and report on its uses across various sectors, including data storage and services.

Who the next seven members will be, remains to be seen although the currently appointed members set expectations very high. Nonetheless, any of the appointed members are yet to release a comment regarding their appointment as well as on the current situations of the task force.