NY State Senate Bill 2017-S9013

Archive: Last Bill Status Via A8783 - Signed by Governor

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Dec 21, 2018	approval memo.14 signed chap.456
Dec 11, 2018	delivered to governor
Jun 19, 2018	returned to assembly passed senate 3rd reading cal.2020 substituted for s9013
Jun 19, 2018	substituted by a8783b ordered to third reading cal.2020
Jun 13, 2018	referred to rules

Votes

- Jun 19, 2018 - Floor Vote
  A8783
  
  62
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 19, 2018
      
      aye (62)
      
      Addabbo Jr.
      
      Akshar
      
      Alcantara
      
      Amedore
      
      Avella
      
      Bailey
      
      Benjamin
      
      Bonacic
      
      Boyle
      
      Breslin
      
      Brooks
      
      Carlucci
      
      Comrie
      
      DeFrancisco
      
      Dilan
      
      Felder
      
      Flanagan
      
      Funke
      
      Gallivan
      
      Gianaris
      
      Golden
      
      Griffo
      
      Hamilton
      
      Hannon
      
      Helming
      
      Hoylman-Sigal
      
      Jacobs
      
      Kaminsky
      
      Kavanagh
      
      Kennedy
      
      Klein
      
      Krueger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Little
      
      Marcellino
      
      Marchione
      
      Mayer
      
      Montgomery
      
      Murphy
      
      O'Mara
      
      Ortt
      
      Parker
      
      Peralta
      
      Persaud
      
      Phillips
      
      Ranzenhofer
      
      Ritchie
      
      Rivera
      
      Robach
      
      Sanders Jr.
      
      Savino
      
      Sepúlveda
      
      Serino
      
      Serrano
      
      Seward
      
      Stavisky
      
      Stewart-Cousins
      
      Tedisco
      
      Valesky
      
      Young
      
      excused (1)
      
      Croci
  Jun 19, 2018 - Rules Committee Vote
  S9013
  
  24
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 19, 2018
      
      aye (24)
      
      Bonacic
      
      Breslin
      
      DeFrancisco
      
      Dilan
      
      Flanagan
      
      Gianaris
      
      Hannon
      
      Kennedy
      
      Klein
      
      Krueger
      
      LaValle
      
      Lanza
      
      Larkin
      
      Little
      
      Marcellino
      
      Montgomery
      
      Parker
      
      Ranzenhofer
      
      Rivera
      
      Robach
      
      Savino
      
      Seward
      
      Stewart-Cousins
      
      Valesky
      
      aye wr (1)
      
      Griffo

2017-S9013 (ACTIVE) - Details

See Assembly Version of this Bill:: A8783
Law Section:: Financial Services

2017-S9013 (ACTIVE) - Summary

Creates the digital currency task force to provide the governor and the legislature with information on the potential effects of the widespread implementation of digital currencies on financial markets in the state.

2017-S9013 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S9013

SPONSOR: PHILLIPS
 
TITLE OF BILL:  An act to establish the digital currency task force;
and providing for the repeal of such provisions upon expiration thereof

 
PURPOSE OR GENERAL IDEA OF BILL:

Establishes a commission to study how to regulate cryptocurrencies in
New York State

 
SUMMARY OF PROVISIONS:

Section 1 establishes the New York State digital currency task force.

Section 2 states who the task force shall be comprised of. Section 3
lists the responsibilities and roles of the taskforce. Section 4 is the
effective date and the repeal date of this act.

 
JUSTIFICATION:

It is arguable that New York remains as the global financial capital
center. We must make sure that we help foster an environment to lead the
world in the finance sector. Today, the New York Stock Exchange and
NASDAQ are two of the most valuable stock exchanges in the world.  In
New York State, the financial sector makes up over eighteen percent of
our tax revenue and is the state's premiere economic engine.

We, however, are not guaranteed to remain the world financial leader.
In fact in this economic environment, we are competing for financial
investments and our standing the fiscal leader with London, Japan, Shan-
ghai and Hong Kong. In this digital and technological environment,
however, New York is competing with virtually every global market and
cur states for future financial transactions and activities. California,
Nevada and Delaware are gaining penetration for cryptocurrency invest-
ments and transactions.

Cryptocurrencies are making their way into the New York state digital
economy. A growing number of merchants accept cryptocurrency as payment
including Microsoft, Expedia.com, Dell, Overstock.com, Reddit, Subway
and Bloomberg.com. Companies and investors are raising capital and fund-
ing through Initial Coin Offerings (ICO).  Additionally, there are cryp-
tocurrency ATMs across the state where New Yorkers are purchasing denom-
inations of cryptocurrencies at conveniences stores and public places.

According to Wikipedia, "a cryptocurrency is a digital asset designed to
work as a medium of exchange using cryptography to secure the trans-
actions and to control the creation of additional units of the curren-
cy... Bitcoin, created in 2009, was the first decentralized cryptocur-
rency." The virtue and danger of cryptocurrency is its anonymity and
decentralized model. As a state we must protect anti-money laundering,
know-your-customer laws and consumer and investor protections.

We must fully understand the implications of blockchain technology, its
impact on innovation, competition and regulation. New York must be a
state where: (1) consumers and investors are protected, (2) we prevent
money laundering and (3) we know the customer to protect from nefarious
uses and actors. At the same time, New York must lead the world in
legitimate digital and cryptocurrency investments and transactions.
 
PRIOR LEGISLATIVE HISTORY:

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

 
EFFECTIVE DATE:
This act shall take effect immediately and shall be deemed repealed on
December 15, 2020.

2017-S9013 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9013
 
                             I N  S E N A T E
 
                               June 13, 2018
                                ___________
 
 Introduced  by Sen. PHILLIPS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to establish the digital currency task force; and  providing  for
   the repeal of such provisions upon expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The legislature  hereby  establishes  the  New  York  state
 digital  currency  task  force  (referred  to  hereinafter  as the "task
 force") to provide the governor and the legislature with information  on
 the effects of the widespread use of cryptocurrencies and other forms of
 digital currencies and their ancillary systems in the state.
   § 2. 1. The task force shall consist of nine members as follows:
   a. three members appointed by the governor;
   b. two members appointed by the temporary president of the senate;
   c. two members appointed by the speaker of the assembly;
   d. one member appointed by the minority leader of the senate; and
   e. one member appointed by the minority leader of the assembly.
   2.  The  members  of  the task force shall receive no compensation for
 their services, but shall be allowed their actual and necessary expenses
 incurred in the performance of their duties pursuant to this act.
   3. Any vacancies in the membership of the task force shall  be  filled
 in the same manner provided for in the initial appointment.
   4.  The task force may consult with any organization, government enti-
 ty, or person, in the development of its report required  under  section
 three of this act.
   §  3.  On  or before December 15, 2020, the task force shall submit to
 the governor, the temporary president of the senate and the  speaker  of
 the  assembly  a  report  containing,  but not limited to, the following
 information based on available data:
   a. a review of the digital  currency,  cryptocurrency  and  blockchain
 industries in New York state;
   b.  the  number of digital currencies currently being traded and their
 approximate percentage of market share;

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

                                                            LBD13663-07-8

 S. 9013                             2
 
   c. the number of exchanges operating in New York state and their aver-
 age monthly trade volume;
   d.  the  use  of  digital  currencies'  impact  on state and local tax
 receipts;
   e. the types of  investment  entities  that  are  large  investors  in
 digital currency;
   f.  the  energy  consumption  necessary for coin mining operations and
 other policy considerations related thereto;
   g. the transparency  of  the  digital  currency  marketplace  and  the
 related potential of market manipulation and other illegal activities;
   h.  a review of laws and regulations on digital currency used by other
 states, the federal government, foreign countries, and foreign political
 and economic unions to regulate the marketplace; and
   i. legislative and regulatory recommendations,  if  any,  to  increase
 transparency  and security, enhance consumer protections, and to address
 the long term impact related to the use of cryptocurrency.
   § 4. This act shall take effect immediately and shall expire  December
 15,  2020 when upon such date the provisions of this act shall be deemed
 repealed.

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Senate Bill S9013

Sponsored By

Archive: Last Bill Status Via A8783 - Signed by Governor

Jun 19, 2018 - Floor Vote

Floor Vote: Jun 19, 2018

Jun 19, 2018 - Rules Committee Vote

Rules Committee Vote: Jun 19, 2018

2017-S9013 (ACTIVE) - Details

2017-S9013 (ACTIVE) - Summary

2017-S9013 (ACTIVE) - Sponsor Memo

2017-S9013 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S9013

Share this bill

Sponsored By

Elaine Phillips

Archive: Last Bill Status Via A8783 - Signed by Governor

2017-S9013 (ACTIVE) - Details

2017-S9013 (ACTIVE) - Summary

2017-S9013 (ACTIVE) - Sponsor Memo

2017-S9013 (ACTIVE) - Bill Text download pdf

Comments