Assembly Actions -
Senate Actions - UPPERCASE
|Apr 22, 2022||
referred to consumer protection
Senate Bill S8838
2021-2022 Legislative Session
Archive: Last Bill Status - In Senate Committee Consumer Protection Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S8838 (ACTIVE) - Details
- Current Committee:
- Senate Consumer Protection
- Law Section:
- General Business Law
- Laws Affected:
- Add §350-b-2, Gen Bus L
2021-S8838 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8838 SPONSOR: THOMAS TITLE OF BILL: An act to amend the general business law, in relation to requiring certain disclosures in advertisements involving virtual tokens PURPOSE OR GENERAL IDEA OF BILL: Requires certain disclosures in advertisments involving virtual tokens. SUMMARY OF SPECIFIC PROVISIONS: Section 1(1) defines different terms relating to V tual tokens as well as the definition of an advertisement. Section 1(2) creates the requirement that persons who advertise security tokens be required to disclose the amount of money they were paid for the advertisement and, if the payment is of a certain nature, as speci- fied by the act, then that must be disclosed as well.
2021-S8838 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8838 I N S E N A T E April 22, 2022 ___________ Introduced by Sen. THOMAS -- read twice and ordered printed, and when printed to be committed to the Committee on Consumer Protection AN ACT to amend the general business law, in relation to requiring certain disclosures in advertisements involving virtual tokens THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The general business law is amended by adding a new section 350-b-2 to read as follows: § 350-B-2. DISCLOSURES REQUIRED IN ADVERTISEMENTS INVOLVING SECURITY TOKENS. 1. AS USED IN THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (A) "VIRTUAL TOKENS" SHALL MEAN SECURITY TOKENS AND STABLECOINS. (B) "SECURITY TOKENS" SHALL MEAN ANY FORM OF FUNGIBLE AND NON-FUNGIBLE COMPUTER CODE BY WHICH ALL SUCH FORMS OF OWNERSHIP OF SAID COMPUTER CODE IS DETERMINED THROUGH VERIFICATION OF TRANSACTIONS OR ANY DERIVATIVE METHOD, AND THAT IS STORED ON A PEER-TO-PEER COMPUTER NETWORK OR ANY OTHER SUCH COMPUTERIZED SYSTEM OR THROUGH ANY DERIVATIVE MEANS OF STOR- AGE, AND WHICH CONFORMS TO ONE OF THE FOLLOWING: (I) SUCH CLASS OF VIRTUAL TOKENS ARE ADVERTISED BY THE DEVELOPER OR ANOTHER AT THE DEVELOPER'S DIRECTION TO BE BOUGHT AND SOLD FOR THE PURPOSE OF PROFIT, WHETHER OR NOT SUCH PURPOSE IS ADVERTISED AS THE SOLE PURPOSE; (II) SUCH CLASS OF VIRTUAL TOKENS CAN BE REASONABLY UNDERSTOOD BY MEMBERS OF THE PUBLIC TO BE BOUGHT AND SOLD FOR THE PURPOSE OF PROFIT; (III) THE VALUE OF SUCH CLASS OF VIRTUAL TOKENS IS DETERMINED BY THE SUPPLY AND DEMAND OF THE VIRTUAL TOKEN; AND (IV) SUCH CLASS OF VIRTUAL TOKENS: (I) ARE NOT PEGGED TO AN EXTERNAL SOURCE, WHETHER OR NOT SUCH EXTERNAL SOURCE IS VOLATILE, (II) ARE PEGGED TO ANOTHER CLASS OF VIRTUAL TOKEN; OR (III) SUCH CLASS OF VIRTUAL TOKENS DO NOT EMPLOY TECHNOLOGY WHICH PREVENTS LARGE FLUCTUATIONS IN ITS PRICE OR SUCH TECHNOLOGY FAILS TO PREVENT THE SAME. (C) "STABLECOIN" SHALL MEAN ANY FORM OF FUNGIBLE AND NON-FUNGIBLE COMPUTER CODE BY WHICH ALL SUCH FORMS OF OWNERSHIP OF SAID COMPUTER CODE IS DETERMINED THROUGH VERIFICATION OF TRANSACTIONS OR ANY DERIVATIVE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.