PRINTER'S NO. 1953
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
1724
Session of
2021
INTRODUCED BY GALLOWAY, JAMES, BURGOS, BROOKS, KENYATTA,
T. DAVIS, SANCHEZ, HANBIDGE, PISCIOTTANO AND KINSEY,
JULY 19, 2021
REFERRED TO COMMITTEE ON COMMERCE, JULY 19, 2021
AN ACT
Establishing a task force on digital currency and the impact on
widespread use of cryptocurrency and other forms of digital
currencies in this Commonwealth.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Short title.
This act shall be known and may be cited as the Digital
Currency Task Force Act.
Section 2. Definitions.
The following words and phrases when used in this act shall
have the meanings given to them in this section unless the
context clearly indicates otherwise:
"Digital currency." A form of currency that exists only in
digital or electronic form. The term includes cryptocurrency.
"Task force." The Digital Currency Task Force established
under section 3.
Section 3. Digital Currency Task Force.
(a) Establishment.--The Digital Currency Task Force is
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established to study the use of digital currencies in this
Commonwealth.
(b) Duties.--The task force shall:
(1) Review the following:
(i) The use of digital currency, cryptocurrency and
blockchain industries in this Commonwealth.
(ii) The number of currencies currently being traded
and their approximate percentage of market share.
(iii) The number of exchanges operating in this
Commonwealth and their average monthly trade volume.
(iv) The use of digital currencies and the impact on
State and local tax receipts.
(v) The types of investment entities that are large
investors in digital currency.
(vi) The necessary requirements for coin mining
operations and other policy considerations.
(vii) The transparency of the digital currency
marketplace and the related potential market manipulation
and other illegal activities.
(viii) The laws and regulations on digital currency
used by the Federal Government, other states, foreign
countries and foreign political and economic unions to
regulate the marketplace.
(ix) Legislative and regulatory recommendations to
increase transparency and security, enhance consumer
protections and to address the long-term impact on the
use of cryptocurrency.
(2) Hold public hearings for the taking of testimony and
the requesting of documents.
Section 4. Composition and meetings.
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(a) Composition.--The task force shall be comprised of the
following members:
(1) Two members appointed by the Governor, one of whom
shall be appointed chairperson by the Governor.
(2) The Secretary of Banking and Securities or a
designee.
(3) The Secretary of Revenue or a designee.
(4) Four members of the Senate, as follows:
(i) Two members appointed by the President pro
tempore of the Senate.
(ii) Two members appointed by the Minority Leader of
the Senate.
(5) Four members of the House of Representatives, as
follows:
(i) Two members appointed by the Speaker of the
House of Representatives.
(ii) Two members appointed by the Minority Leader of
the House of Representatives.
(b) Appointment.--The members of the task force shall be
appointed within 20 days of the effective date of this section.
(c) Quorum.--The physical presence of a majority of the
members of the task force shall constitute a quorum.
(d) Majority vote.--An action of the task force shall be
authorized or ratified by a majority vote of its members.
(e) Meetings.--The task force shall meet as necessary but no
fewer than five times during the period ending two months prior
to the issuance date of the report under section 6. The first
meeting shall be convened within 45 days following the effective
date of this section. Additional meetings may be called by the
chairperson as necessary. The chairperson shall schedule a
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meeting upon written request of six members of the task force. A
member not physically present may participate by teleconference
or video conference.
(f) Compensation.--Members of the task force shall serve
without compensation but may be reimbursed for actual and
necessary expenses incurred in the performance of their official
duties.
Section 5. Hearings and agency cooperation.
The task force may hold public hearings as necessary to
obtain the information required to conduct its review. The
Department of Banking and Securities and the Department of
Revenue shall cooperate to provide administrative or other
assistance as needed to the task force.
Section 6. Report.
The task force shall prepare and submit a final report on its
activities, findings and recommendations to the Governor, the
Senate and the House of Representatives two months prior to the
expiration date of this act. The task force may file status
reports and updates with the Governor, the Senate and the House
of Representatives as it deems appropriate. A report under this
section shall be adopted at the public meeting and shall be a
public record under the act of February 14, 2008 (P.L.6, No.3),
known as the Right-to-Know Law.
Section 7. Expiration.
This act shall expire three years after the effective date of
this section.
Section 8. Effective date.
This act shall take effect in 30 days.
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