senate Bill S6037A

2019-2020 Legislative Session

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

download bill text pdf

Sponsored By

Current Bill Status - On Floor Calendar


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 13, 2020 advanced to third reading
Feb 12, 2020 2nd report cal.
Feb 11, 2020 1st report cal.414
Jan 23, 2020 committee discharged and committed to internet and technology
Jan 08, 2020 referred to commerce, economic development and small business
returned to senate
died in assembly
Jun 17, 2019 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.1436
committee discharged and committed to rules
Jun 12, 2019 print number 6037a
Jun 12, 2019 amend and recommit to commerce, economic development and small business
May 16, 2019 referred to commerce, economic development and small business

Votes

view votes

Feb 11, 2020 - Internet and Technology committee Vote

S6037A
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Internet and Technology committee vote details

Internet and Technology Committee Vote: Feb 11, 2020

Jun 17, 2019 - Rules committee Vote

S6037A
19
0
committee
19
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

S6037 - Details

See Assembly Version of this Bill:
A1398
Law Section:
Economic Development Law
Laws Affected:
Amd §§352 & 354, Ec Dev L
Versions Introduced in 2017-2018 Legislative Session:
A10854

S6037 - 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.

S6037 - Sponsor Memo

S6037 - Bill Text download pdf


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

                                  6037

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                              May 16, 2019
                               ___________

Introduced  by  Sen.  SAVINO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Commerce, Economic  Devel-
  opment and Small Business

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

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

Co-Sponsors

S6037A (ACTIVE) - Details

See Assembly Version of this Bill:
A1398
Law Section:
Economic Development Law
Laws Affected:
Amd §§352 & 354, Ec Dev L
Versions Introduced in 2017-2018 Legislative Session:
A10854

S6037A (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.

S6037A (ACTIVE) - Sponsor Memo

S6037A (ACTIVE) - Bill Text download pdf


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

                                 6037--A

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                              May 16, 2019
                               ___________

Introduced  by  Sen.  SAVINO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Commerce, Economic  Devel-
  opment  and  Small  Business  --  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
includes  new  media as defined by the commissioner in regulations.  FOR

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

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