Assembly Actions -
Senate Actions - UPPERCASE
|Jan 08, 2020||
referred to governmental operations
|Jan 16, 2019||
referred to governmental operations
Assembly Bill A1683
2019-2020 Legislative Session
Archive: Last Bill Status - In Assembly Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
Walter T. Mosley
Victor M. Pichardo
2019-A1683 (ACTIVE) - Details
2019-A1683 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1683 2019-2020 Regular Sessions I N A S S E M B L Y January 16, 2019 ___________ Introduced by M. of A. VANEL, WRIGHT, MOSLEY, BARRON, PICHARDO, BLAKE, BICHOTTE, RIVERA, RA -- Multi-Sponsored by -- M. of A. DenDEKKER -- read once and referred to the Committee on Governmental Operations 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. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01269-01-9
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