New York State Bar Association transforms its Task Force on Emerging Digital Finance and Currency into a standing committee

The creation of the committee was approved by the association’s Executive Committee on Friday. It allows the association to assemble experts from various legal practice areas to further study the myriad issues impacted by the transformative nature of cryptocurrency and other digital assets.

“New York State is the epicenter of the financial world and that includes cryptocurrency,” said New York State Bar Association President Domenick Napoletano. “Nearly one in seven Americans owns cryptocurrency and therefore it is imperative that we are at the forefront of this technology that may permanently alter the entire foundation of our financial systems.”

Tax law and intellectual property law are among the areas that will be most impacted.

Today, over 420 million people worldwide own some form of cryptocurrency, including 48.8 million U.S. adults, which accounts for nearly 14.4% of the population.

A recent Coinbase report stated that nearly 19% of New Yorkers who opted to participate in its study own cryptocurrency.

New York State Bar Association Transforms Task Force Into a Standing Committee