Assembly Actions -
Senate Actions - UPPERCASE
|May 25, 2022||
referred to banks
Senate Bill S9410
2021-2022 Legislative Session
Archive: Last Bill Status - In Senate Committee Banks Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S9410 (ACTIVE) - Details
2021-S9410 (ACTIVE) - Sponsor Memo
BILL NUMBER: S9410 SPONSOR: THOMAS TITLE OF BILL: An act to amend the financial services law, in relation to requiring certain disclosures in advertisements involving virtual tokens PURPOSE OR GENERAL IDEA OF BILL: Requires certain disclosures in advertisements involving virtual tokens. SUMMARY OF SPECIFIC PROVISIONS: Section 1 defines virtual tokens. Section 2 creates a new section in the financial services law. Section 2(a) requires certain disclosures in the advertising of virtual tokens. Section 2(b) creates restrictions on false, misleading, or deceptive
2021-S9410 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9410 I N S E N A T E May 25, 2022 ___________ Introduced by Sen. THOMAS -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the financial services 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. Subdivision (a) of section 104 of the financial services law is amended by adding a new paragraph 6 to read as follows: (6) "VIRTUAL TOKEN" SHALL MEAN ANY INTERCHANGEABLE OR NON-INTERCHANGE- ABLE UNIT OF DATA THAT IS STORED ON ANY BLOCKCHAIN LEDGER WHICH SHALL INCLUDE, AMONG OTHER DIGITAL UNITS THAT THE SUPERINTENDENT DETERMINES TO BE VIRTUAL TOKENS IN ACCORDANCE WITH THIS DEFINITION, CRYPTOCURRENCIES, VIRTUAL CURRENCIES, DIGITAL ASSETS AND DIGITAL TOKENS, WHETHER FUNGIBLE OR NON-FUNGIBLE. VIRTUAL TOKENS SHALL NOT BE CONSTRUED TO INCLUDE ANY OF THE FOLLOWING: (A) DIGITAL UNITS THAT: (I) ARE USED SOLELY WITHIN ONLINE GAMING PLAT- FORMS; (II) HAVE NO MARKET OR APPLICATION OUTSIDE OF THOSE GAMING PLAT- FORMS; (III) CANNOT BE CONVERTED INTO, OR REDEEMED FOR, FIAT CURRENCY OR VIRTUAL CURRENCY; AND (IV) MAY OR MAY NOT BE REDEEMABLE FOR REAL-WORLD GOODS, SERVICES, DISCOUNTS, OR PURCHASES; (B) DIGITAL UNITS THAT CAN BE REDEEMED FOR GOODS, SERVICES, OR PURCHASES AS PART OF A CUSTOMER AFFINITY OR REWARDS PROGRAM WITH THE ISSUER AND/OR OTHER DESIGNATED MERCHANTS OR CAN BE REDEEMED FOR DIGITAL UNITS IN ANOTHER CUSTOMER AFFINITY OR REWARDS PROGRAM, BUT CANNOT BE CONVERTED INTO, OR REDEEMED FOR, FIAT CURRENCY OR OTHER VIRTUAL CURREN- CY; OR (C) DIGITAL UNITS USED AS PART OF PREPAID CARDS. § 2. The financial services law is amended by adding a new section 410 to read as follows: § 410. RESTRICTIONS CONCERNING ADVERTISING. (A) NO PERSON SHALL, IN ANY MANNER, ADVERTISE, PRINT, DISPLAY, PUBLISH, DISTRIBUTE, OR BROAD- CAST, OR CAUSE OR PERMIT TO BE ADVERTISED, PRINTED, DISPLAYED, PUBLISHED, DISTRIBUTED, OR BROADCASTED, ANY STATEMENT OR REPRESENTATION WITH REGARD TO ANY VIRTUAL TOKEN FOR CONSIDERATION WITHOUT DISCLOSING EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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