Assembly Actions -
Senate Actions - UPPERCASE
|Jan 10, 2022||
referred to governmental employees
Assembly Bill A8598
2021-2022 Legislative Session
Archive: Last Bill Status - In Assembly Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-A8598 (ACTIVE) - Details
- Current Committee:
- Assembly Governmental Employees
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Add §423-d, R & SS L
2021-A8598 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8598 I N A S S E M B L Y January 10, 2022 ___________ Introduced by M. of A. EPSTEIN -- read once and referred to the Commit- tee on Governmental Employees AN ACT to amend the retirement and social security law, in relation to prohibiting the investment of certain public funds with companies conducting cryptocurrency business activities THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The retirement and social security law is amended by adding a new section 423-d to read as follows: § 423-D. PROHIBITION ON INVESTMENT OF CERTAIN PUBLIC FUNDS WITH COMPA- NIES CONDUCTING CRYPTOCURRENCY BUSINESS ACTIVITIES. 1. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (A) "CRYPTOCURRENCY BUSINESS ACTIVITIES" MEANS THE CONDUCT OF ANY OF THE FOLLOWING TYPES OF ACTIVITIES INVOLVING NEW YORK STATE OR A NEW YORK STATE RESIDENT: (I) RECEIVING CRYPTOCURRENCY FOR TRANSMISSION OR TRANSMITTING CRYPTO- CURRENCY, EXCEPT WHERE THE TRANSACTION IS UNDERTAKEN FOR NON-FINANCIAL PURPOSES AND DOES NOT INVOLVE THE TRANSFER OF MORE THAN A NOMINAL AMOUNT OF CRYPTOCURRENCY; (II) STORING, HOLDING, OR MAINTAINING CUSTODY OR CONTROL OF CRYPTOCUR- RENCY ON BEHALF OF OTHERS; (III) BUYING AND SELLING CRYPTOCURRENCY AS A CUSTOMER BUSINESS; (IV) PERFORMING EXCHANGE SERVICES OF CRYPTOCURRENCY AS A CUSTOMER BUSINESS; OR (V) CONTROLLING, ADMINISTERING, OR ISSUING A CRYPTOCURRENCY; AND (B) "CRYPTOCURRENCY" MEANS A DIGITAL CURRENCY WHICH USES ENCRYPTION TECHNIQUES TO REGULATE THE GENERATION OF CURRENCY UNITS AND VERIFY THE TRANSFER OF FUNDS, OPERATING INDEPENDENTLY FROM A CENTRAL BANK. 2. ON AND AFTER THE EFFECTIVE DATE OF THIS SECTION, NO MONIES OR ASSETS OF THE COMMON RETIREMENT FUND SHALL BE INVESTED IN THE STOCKS, SECURITIES OR OTHER OBLIGATIONS OF ANY INSTITUTION OR COMPANY CONDUCTING CRYPTOCURRENCY BUSINESS ACTIVITIES, OR ANY PARTLY-OWNED OR WHOLLY-OWNED SUBSIDIARY THEREOF, OR WITH AGENCIES OR INSTRUMENTALITIES THEREOF. NOTWITHSTANDING ANY PROVISIONS OF LAW TO THE CONTRARY, NO ASSETS OF ANY EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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