assembly Bill A10854

2017-2018 Legislative Session

Relates to the development and creation of distributed ledger technology and business entities that develop such technology

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 05, 2018 reported referred to ways and means
May 23, 2018 referred to economic development

Co-Sponsors

A10854 (ACTIVE) - Details

Law Section:
Economic Development Law
Laws Affected:
Amd §§352, 353 & 354, Ec Dev L
Versions Introduced in Other Legislative Sessions:
2019-2020: A1398
2021-2022: A3813

A10854 (ACTIVE) - Summary

Relates to the development and creation of distributed ledger technology, which is a mathematically secured, chronological, and decentralized consensus ledger or database, whether maintained via internet interaction, peer-to-peer network, or otherwise used to authenticate, record, share and synchronize transactions in their respective electronic ledgers or databases, and business entities that develop distributed ledger technology.

A10854 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  10854

                          I N  A S S E M B L Y

                              May 23, 2018
                               ___________

Introduced  by M. of A. VANEL -- read once and referred to the Committee
  on Economic Development

AN ACT to amend the economic development law, in relation to the  devel-
  opment  and  creation  of  distributed  ledger technology and business
  entities that develop such technology

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivisions 8 and 23 of section 352 of the economic devel-
opment  law, as amended by section 1 of part K of chapter 59 of the laws
of 2017, are amended to read as follows:
  8. "Financial services data centers  or  financial  services  customer
back  office  operations"  means  operations  that  manage  the  data or
accounts of existing customers or provide product or service information
and support to customers  of  financial  services  companies,  including
banks,  other  lenders,  securities and commodities brokers and dealers,
investment banks, portfolio managers,  trust  offices,  [and]  insurance
companies,  AND  FINANCIAL TECHNOLOGY COMPANIES THAT DEVELOP DISTRIBUTED
LEDGER TECHNOLOGY. FOR PURPOSES OF THIS SUBDIVISION "DISTRIBUTED  LEDGER
TECHNOLOGY"  MEANS  A  MATHEMATICALLY SECURED, CHRONOLOGICAL, AND DECEN-
TRALIZED CONSENSUS LEDGER OR DATABASE, WHETHER MAINTAINED  VIA  INTERNET
INTERACTION,  PEER-TO-PEER  NETWORK,  OR OTHERWISE USED TO AUTHENTICATE,
RECORD, SHARE AND SYNCHRONIZE TRANSACTIONS IN THEIR RESPECTIVE ELECTRON-
IC LEDGERS OR DATABASES.
  23. "Software development" means the creation  of  DISTRIBUTED  LEDGER
TECHNOLOGY, coded computer instructions or production or post-production
of  video  games, as defined in subdivision one-a of section six hundred
eleven of the general business law, other than those embedded  and  used
exclusively in advertising, promotional websites or microsites, and also
includes  new  media as defined by the commissioner in regulations.  FOR
PURPOSES OF THIS SUBDIVISION "DISTRIBUTED  LEDGER  TECHNOLOGY"  MEANS  A
MATHEMATICALLY   SECURED,  CHRONOLOGICAL,  AND  DECENTRALIZED  CONSENSUS
LEDGER OR DATABASE, WHETHER MAINTAINED VIA INTERNET  INTERACTION,  PEER-
TO-PEER  NETWORK,  OR  OTHERWISE USED TO AUTHENTICATE, RECORD, SHARE AND

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.