senate Bill S8858

2017-2018 Legislative Session

Relates to allowing signatures secured through blockchain technology to be considered an electronic signature

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Energy And Telecommunications Committee


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 29, 2018 referred to energy and telecommunications

S8858 (ACTIVE) - Details

See Assembly Version of this Bill:
A8780
Current Committee:
Senate Energy And Telecommunications
Law Section:
State Technology Law
Laws Affected:
Amd §302, add §310, St Tech L
Versions Introduced in Other Legislative Sessions:
2019-2020: S4142, A1683
2021-2022: S1801, A3760

S8858 (ACTIVE) - Summary

Relates to allowing signatures, records and contracts secured through blockchain technology to be considered in an electronic form and to be an electronic record and signature; allows smart contracts to exist in commerce.

S8858 (ACTIVE) - Sponsor Memo

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

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.