Establishes a task force to study the impact of a state-issued cryptocurrency on the state of New York

S 3985 establishes a task force to study the potential impact of a state-issued cryptocurrency in New York, without creating the cryptocurrency itself. The task force will examine regulatory implications (including SEC and CFTC oversight), effects on monetary policy and financial stability, tax implications, and approaches taken by other jurisdictions. Composed of 9 members appointed by state leaders, the task force must submit findings to the governor and legislature within one year of the bill's enactment. This is a study bill focused on gathering information, not implementing policy.