Assembly Actions -
Senate Actions - UPPERCASE
|Apr 22, 2022||
referred to codes
Senate Bill S8839
2021-2022 Legislative Session
Archive: Last Bill Status - In Senate Committee Codes Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S8839 (ACTIVE) - Details
2021-S8839 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8839 SPONSOR: THOMAS TITLE OF BILL: An act to amend the penal law, in relation to establishing certain offenses relating to crypto fraud PURPOSE OR GENERAL IDEA OF BILL: Establishes certain offenses relating to crypto fraud. SUMMARY OF SPECIFIC PROVISIONS: Section 1 creates article 191 of the penal law of Title K of the penal law. § 191.00 provides important definitions. § 191.05 creates penalties that apply to every provision of the act. § 191.10 creates the crime of virtual token fraud.
2021-S8839 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8839 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 Codes AN ACT to amend the penal law, in relation to establishing certain offenses relating to crypto fraud THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Title K of the penal law is amended by adding a new article 191 to read as follows: ARTICLE 191 CRYPTO FRAUD SECTION 191.00 DEFINITIONS. 191.05 PENALTIES. 191.10 VIRTUAL TOKEN FRAUD. 191.15 ILLEGAL RUG PULLS. 191.20 PRIVATE KEY FRAUD. 191.25 FRAUDULENT FAILURE TO DISCLOSE INTEREST IN VIRTUAL TOKENS. § 191.00 DEFINITIONS. FOR PURPOSES OF THIS ARTICLE, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: 1. "VIRTUAL TOKENS" SHALL MEAN SECURITY TOKENS AND STABLECOINS; 2. "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: (A) SUCH CLASS OF VIRTUAL TOKENS ARE ADVERTISED BY THE DEVELOPER OR AN AGENT OF THE DEVELOPER AT THE DEVELOPER'S DIRECTION TO BE BOUGHT AND SOLD FOR THE PURPOSE OF PROFIT, WHETHER OR NOT SUCH PURPOSE IS ADVER- TISED AS THE SOLE PURPOSE; (B) SUCH CLASS OF VIRTUAL TOKENS ARE REASONABLY UNDERSTOOD BY MEMBERS OF THE PUBLIC TO BE BOUGHT AND SOLD FOR THE PURPOSE OF PROFIT; EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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