A moderately partisan legislation proposed by eight Democratic and two Republican members of the General Assembly is reportedly calling for the formation of a crypto task force in Pennsylvania. 

Specifically, the associated crypto task force will reportedly be tasked with running examinations for the possible effect of widespread crypto and digital currency adoption across the state.

Should the introduced legislation from the Democratic and Republican on July 19th obtain the approval from the state’s General Assembly, it will be referred to as the “Digital Currency Task Force Act.”

The bill reportedly offered particular information surrounding the responsibilities of the proposed task force, where it will determine the number of cryptocurrencies involved in trading processes throughout the state and the Pennsylvania-based exchange platforms.

The task force will additionally spend extensive resources in deep-diving into investment establishments, having plans to gain large-scale exposure to crypto and virtual currencies, as well as the potential tax implications of cryptocurrencies on State and local taxes.

Pennsylvania’s crypto task force bill further plans to carry out evaluations of how transparent the crypto market is, particularly in terms of price manipulation and different illegal activities. 

The task force will reportedly research crypto regulations from a variety of national and international regulatory bodies as well.

In January two years ago, Pennsylvania’s Department of Banking and Securities generated an official statement removing crypto exchanges from the regulatory scope of money transmission legislation.

The task force will reportedly be made up of 13 members, working with zero compensation. The task force will organize a public hearing session, as within the scope of its market review protocol, and will transfer generated insights to the governor and the General Assembly.