|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|May 29, 2018||referred to energy and telecommunications|
senate Bill S8858
Archive: Last Bill Status - In Senate Committee Energy And Telecommunications Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S8858 (ACTIVE) - Details
S8858 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8858 SPONSOR: GOLDEN TITLE OF BILL: An act to amend the state technology law, in relation to blockchain technology and smart contracts PURPOSE OR GENERAL IDEA OF BILL: Relates to allowing signatures secured through blockchain technology to be considered an electronic signature. SUMMARY OF PROVISIONS: Section 1 Amends section 302 of the State Technology Law. Section 2 says the state technology law will be amended by adding a new section 310. Section 3 states that the act shall take effect immediately.
S8858 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8858 I N S E N A T E May 29, 2018 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Energy and Telecommuni- cations AN ACT to amend the state technology law, in relation to blockchain technology and smart contracts THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 302 of the state technology law is amended by adding two new subdivisions 6 and 7 to read as follows: 6. "BLOCKCHAIN TECHNOLOGY" SHALL MEAN DISTRIBUTED LEDGER TECHNOLOGY THAT USES A DISTRIBUTED, DECENTRALIZED, SHARED AND REPLICATED LEDGER, WHICH MAY BE PUBLIC OR PRIVATE, PERMISSIONED OR PERMISSIONLESS, OR DRIV- EN BY TOKENIZED CRYPTO ECONOMICS OR TOKENLESS. THE DATA ON THE LEDGER IS PROTECTED WITH CRYPTOGRAPHY, IS IMMUTABLE AND AUDITABLE AND PROVIDES AN UNCENSORED TRUTH. 7. "SMART CONTRACT" SHALL MEAN AN EVENT-DRIVEN PROGRAM THAT RUNS ON A DISTRIBUTED, DECENTRALIZED, SHARED AND REPLICATED LEDGER AND THAT CAN TAKE CUSTODY OVER AND INSTRUCT TRANSFER OF ASSETS ON THAT LEDGER. § 2. The state technology law is amended by adding a new section 310 to read as follows: § 310. SIGNATURES AND RECORDS SECURED THROUGH BLOCKCHAIN TECHNOLOGY AND SMART CONTRACTS. 1. A SIGNATURE THAT IS SECURED THROUGH BLOCKCHAIN TECHNOLOGY IS CONSIDERED TO BE IN AN ELECTRONIC FORM AND TO BE AN ELEC- TRONIC SIGNATURE. 2. A RECORD OR CONTRACT THAT IS SECURED THROUGH BLOCKCHAIN TECHNOLOGY IS CONSIDERED TO BE IN AN ELECTRONIC FORM AND TO BE AN ELECTRONIC RECORD. 3. SMART CONTRACTS MAY EXIST IN COMMERCE. A CONTRACT RELATING TO A TRANSACTION MAY NOT BE DENIED LEGAL EFFECT, VALIDITY OR ENFORCEABILITY SOLELY BECAUSE THAT CONTRACT CONTAINS A SMART CONTRACT TERM. 4. NOTWITHSTANDING ANY OTHER LAW, RULE OR REGULATION TO THE CONTRARY, A PERSON THAT, IN OR AFFECTING INTERSTATE OR FOREIGN COMMERCE, USES BLOCKCHAIN TECHNOLOGY TO SECURE INFORMATION THAT THE PERSON OWNS OR HAS THE RIGHT TO USE RETAINS THE SAME RIGHTS OF OWNERSHIP OR USE WITH EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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