senate Bill S7272

2021-2022 Legislative Session

Relates to reporting of cryptocurrency holdings on the annual statement of financial disclosure

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Rules 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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 02, 2021 referred to rules

S7272 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Public Officers Law
Laws Affected:
Amd §73-a, Pub Off L

S7272 (ACTIVE) - Summary

Relates to reporting of cryptocurrency holdings on the annual statement of financial disclosure filed with the legislative ethics commission or the joint commission on public ethics.

S7272 (ACTIVE) - Sponsor Memo

S7272 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7272
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               July 2, 2021
                                ___________
 
 Introduced  by  Sen.  MAY  --  read  twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the public officers law, in  relation  to  reporting  of
   cryptocurrency  holdings  on the annual statement of financial disclo-
   sure

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 3 of section 73-a of the public officers law is
 amended by adding a new paragraph 16-a to read as follows:
   16-A. LIST BELOW THE TYPE AND MARKET VALUE OF CRYPTOCURRENCIES HELD BY
 THE REPORTING INDIVIDUAL OR SUCH INDIVIDUAL'S SPOUSE IN EXCESS OF $1,000
 AT  THE  CLOSE  OF  THE TAXABLE YEAR LAST OCCURRING PRIOR TO THE DATE OF
 FILING. WHENEVER AN INTEREST IN CRYPTOCURRENCIES EXISTS THROUGH A  BENE-
 FICIAL  INTEREST  IN  A  TRUST,  THE CRYPTOCURRENCIES HELD IN SUCH TRUST
 SHALL BE LISTED ONLY IF THE REPORTING INDIVIDUAL HAS  KNOWLEDGE  THEREOF
 EXCEPT  WHERE  THE  REPORTING  INDIVIDUAL  OR THE REPORTING INDIVIDUAL'S
 SPOUSE HAS TRANSFERRED ASSETS TO SUCH TRUST FOR HIS OR  HER  BENEFIT  IN
 WHICH  EVENT  SUCH  CRYPTOCURRENCIES SHALL BE LISTED UNLESS THEY ARE NOT
 ASCERTAINABLE BY THE REPORTING INDIVIDUAL BECAUSE THE TRUSTEE  IS  UNDER
 AN  OBLIGATION  OR  HAS  BEEN  INSTRUCTED IN WRITING NOT TO DISCLOSE THE
 CONTENTS OF THE TRUST TO THE REPORTING INDIVIDUAL.  CRYPTOCURRENCIES  OF
 WHICH  THE  REPORTING INDIVIDUAL OR THE REPORTING INDIVIDUAL'S SPOUSE IS
 THE OWNER OF RECORD BUT IN WHICH SUCH INDIVIDUAL OR THE REPORTING  INDI-
 VIDUAL'S  SPOUSE  HAS  NO  BENEFICIAL INTEREST SHALL NOT BE LISTED. ALSO
 LIST CRYPTOCURRENCIES OWNED FOR INVESTMENT  PURPOSES  BY  A  CORPORATION
 MORE  THAN  FIFTY  PERCENT  (50%)  OF  THE  STOCK  OF  WHICH IS OWNED OR
 CONTROLLED BY THE REPORTING INDIVIDUAL OR SUCH INDIVIDUAL'S SPOUSE.  FOR
 THE PURPOSES OF THIS ITEM THE TERM "CRYPTOCURRENCY" SHALL MEAN A DIGITAL
 CURRENCY  IN WHICH ENCRYPTION TECHNIQUES ARE USED TO REGULATE THE GENER-
 ATION OF UNITS AND CURRENCY AND VERIFY THE TRANSFER OF FUNDS,  OPERATING
 INDEPENDENTLY FROM A CENTRAL BANK.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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