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 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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Bill Amendments

co-Sponsors

2019-A1398 - Details

See Senate Version of this Bill:
S6037
Current Committee:
Assembly Ways And Means
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
2023-2024: A1052

2019-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.

2019-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

2019-A1398A (ACTIVE) - Details

See Senate Version of this Bill:
S6037
Current Committee:
Assembly Ways And Means
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
2023-2024: A1052

2019-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.

2019-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.
              

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