assembly Bill A1683

2019-2020 Legislative Session

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

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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

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to governmental operations
Jan 16, 2019 referred to governmental operations

Co-Sponsors

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Multi-Sponsors

A1683 (ACTIVE) - Details

See Senate Version of this Bill:
S4142
Law Section:
State Technology Law
Laws Affected:
Amd §302, add §310, St Tech L
Versions Introduced in Other Legislative Sessions:
2017-2018: A8780, S8858
2021-2022: A3760, S1801

A1683 (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.

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