The number 2 and 3 digital assets by market cap, Ethereum and Ripple have reportedly joined the New York digital currency task force in a move by the state’s national assembly. The crypto task force has acquired a number of new members who were directly appointed by the NY State Assembly.
The announcement about the latest appointments to the task force came to light after Clyde Vanel, a member of the New York State Assembly, revealed that six additional members have been appointed. The new recruits including Ethereum and Ripple will become members of the state’s digital currency task force. They will officially become members on 27 July.
Ethereum (ETH) Price Today – ETH / USD
What are the Responsibilities of the Digital Currency Task Force?
The responsibility of the digital currency task force includes conducting investigations and research on digital currencies and their new and previous projects. They must also advise regulators on the different ways to improve in their regulation of digital assets.
The New York digital currency task force currently has six new members. It is expected to include an additional seven members soon. The first and current six members of the initiative were chosen by New York’s assembly. While the appointment of the remaining seven members will now be conducted by the governor of New York.
New York is the First State to Have a Digital Currency Task Force
The newly appointed six members of the task force include Joseph Lubin (the co-founder of the Ethereum network), Ryan Zagonne (the director of regulatory relations at Ripple), Yaya Fanusie, Sandra Ro, and Yorke Rhodes. Vanel also remarked that he appreciates the fact that a group of honorable individuals from the Blockchain sector will help to steer the regulation of digital currency in New York. Vanel remains hopeful of the chance that such regulation would be reflected throughout the United States and the world if it is set right.
New York is reportedly the first U.S state to have an independent crypto task force. The task force was formally established when Andrew Cuomo, the governor of New York signed the “Digital Currency Study Bill” into law on December 21 2018. The idea behind a state owned task force for crypto was actually introduced by Vanel in 2017. At the time Vanel wanted a group to study the Blockchain technology and give reports on its use cases across various sectors, especially in data storage.
XRP Price has failed to Move on From Selling Pressure
Meanwhile, the price of Ripple’s XRP is currently trading above its previous 5-day SMA at 0.3162. Although, the number three digital asset by market capitalization has yet again failed to step out of selling pressure. The digital asset is actually 15.53% less than its 50-day SMA at $0.3830. The price of Ripple’s XRP is battling with several resistance levels above the $0.32 area.
While the price range of about $0.30 is currently posing as a support level. In the event that there’s a stable price surge above the $0.34 area, any further price drop for XRP/USD can be avoided. The MACD chart for the XRP/USD pair is volatile. It is currently sitting in a bullish zone. While the RSI is near 50, which is indicating stability for XRP/USD. The coin may also see some resistance at the $0.3288 and $0.334 areas. It might also find support at the $0.314 and $0.3044 areas.