assembly Bill A1398A

2019-2020 Legislative Session

Relates to the development and creation of distributed ledger technology and business entities that develop such technology

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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

view actions (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to ways and means
Jun 12, 2019 print number 1398a
Jun 12, 2019 amend and recommit to ways and means
May 21, 2019 reported referred to ways and means
Jan 15, 2019 referred to economic development

Co-Sponsors

A1398 - Details

See Senate Version of this Bill:
S6037
Law Section:
Economic Development Law
Laws Affected:
Amd §§352 & 354, Ec Dev L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10854
2021-2022: A3813, S1800

A1398 - Summary

Relates to the development and creation of distributed ledger technology, which is a mathematically secured, chronological, and decentralized consensus ledger or database, whether maintained via internet interaction, peer-to-peer network, or otherwise used to authenticate, record, share and synchronize transactions in their respective electronic ledgers or databases, and business entities that develop distributed ledger technology.

A1398 - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1398

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                            January 15, 2019
                               ___________

Introduced  by  M. of A. VANEL, SCHIMMINGER -- read once and referred to
  the Committee on Economic Development

AN ACT to amend the economic development law, in relation to the  devel-
  opment  and  creation  of  distributed  ledger technology and business
  entities that develop such technology

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivisions 8 and 23 of section 352 of the economic devel-
opment  law, as amended by section 1 of part K of chapter 59 of the laws
of 2017, are amended to read as follows:
  8. "Financial services data centers  or  financial  services  customer
back  office  operations"  means  operations  that  manage  the  data or
accounts of existing customers or provide product or service information
and support to customers  of  financial  services  companies,  including
banks,  other  lenders,  securities and commodities brokers and dealers,
investment banks, portfolio managers,  trust  offices,  [and]  insurance
companies,  AND  FINANCIAL TECHNOLOGY COMPANIES THAT DEVELOP DISTRIBUTED
LEDGER TECHNOLOGY. FOR PURPOSES OF THIS SUBDIVISION "DISTRIBUTED  LEDGER
TECHNOLOGY"  MEANS  A  MATHEMATICALLY SECURED, CHRONOLOGICAL, AND DECEN-
TRALIZED CONSENSUS LEDGER OR DATABASE, WHETHER MAINTAINED  VIA  INTERNET
INTERACTION,  PEER-TO-PEER  NETWORK,  OR OTHERWISE USED TO AUTHENTICATE,
RECORD, SHARE AND SYNCHRONIZE TRANSACTIONS IN THEIR RESPECTIVE ELECTRON-
IC LEDGERS OR DATABASES.
  23. "Software development" means the creation  of  DISTRIBUTED  LEDGER
TECHNOLOGY, coded computer instructions or production or post-production
of  video  games, as defined in subdivision one-a of section six hundred
eleven of the general business law, other than those embedded  and  used
exclusively in advertising, promotional websites or microsites, and also
includes  new  media as defined by the commissioner in regulations.  FOR
PURPOSES OF THIS SUBDIVISION "DISTRIBUTED  LEDGER  TECHNOLOGY"  MEANS  A
MATHEMATICALLY   SECURED,  CHRONOLOGICAL,  AND  DECENTRALIZED  CONSENSUS

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

Co-Sponsors

A1398A (ACTIVE) - Details

See Senate Version of this Bill:
S6037
Law Section:
Economic Development Law
Laws Affected:
Amd §§352 & 354, Ec Dev L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10854
2021-2022: A3813, S1800

A1398A (ACTIVE) - Summary

Relates to the development and creation of distributed ledger technology, which is a mathematically secured, chronological, and decentralized consensus ledger or database, whether maintained via internet interaction, peer-to-peer network, or otherwise used to authenticate, record, share and synchronize transactions in their respective electronic ledgers or databases, and business entities that develop distributed ledger technology.

A1398A (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 1398--A

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                            January 15, 2019
                               ___________

Introduced  by  M.  of  A.  VANEL,  SCHIMMINGER, STIRPE -- read once and
  referred to the Committee on  Economic  Development  --  reported  and
  referred  to  the Committee on Ways and Means -- committee discharged,
  bill amended, ordered reprinted as amended  and  recommitted  to  said
  committee

AN  ACT to amend the economic development law, in relation to the devel-
  opment and creation of  distributed  ledger  technology  and  business
  entities that develop such technology

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivisions 8 and 23 of section 352 of the economic devel-
opment law, as amended by section 1 of part K of chapter 59 of the  laws
of 2017, are amended to read as follows:
  8.  "Financial  services  data  centers or financial services customer
back office  operations"  means  operations  that  manage  the  data  or
accounts of existing customers or provide product or service information
and  support  to  customers  of  financial services companies, including
banks, other lenders, securities and commodities  brokers  and  dealers,
investment  banks,  portfolio  managers,  trust offices, [and] insurance
companies, AND FINANCIAL TECHNOLOGY COMPANIES THAT  DEVELOP  DISTRIBUTED
LEDGER  TECHNOLOGY. FOR PURPOSES OF THIS SUBDIVISION "DISTRIBUTED LEDGER
TECHNOLOGY" MEANS A MATHEMATICALLY SECURED,  CHRONOLOGICAL,  AND  DECEN-
TRALIZED  CONSENSUS  LEDGER OR DATABASE, WHETHER MAINTAINED VIA INTERNET
INTERACTION, PEER-TO-PEER NETWORK, OR OTHERWISE  USED  TO  AUTHENTICATE,
RECORD, SHARE AND SYNCHRONIZE TRANSACTIONS IN THEIR RESPECTIVE ELECTRON-
IC LEDGERS OR DATABASES.
  23.  "Software  development"  means the creation of DISTRIBUTED LEDGER
TECHNOLOGY, coded computer instructions or production or post-production
of video games, as defined in subdivision one-a of section  six  hundred
eleven  of  the general business law, other than those embedded and used
exclusively in advertising, promotional websites or microsites, and also

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