senate Bill S1800

2021-2022 Legislative Session

Relates to the development and creation of distributed ledger technology and business entities that develop such technology

download bill text pdf

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Current Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 22, 2021 referred to economic development
delivered to assembly
passed senate
Feb 03, 2021 advanced to third reading
Feb 02, 2021 2nd report cal.
Feb 01, 2021 1st report cal.193
Jan 15, 2021 referred to internet and technology

Co-Sponsors

S1800 (ACTIVE) - Details

See Assembly Version of this Bill:
A3813
Law Section:
Economic Development Law
Laws Affected:
Amd §§352 & 354, Ec Dev L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10854
2019-2020: S6037, A1398

S1800 (ACTIVE) - Summary

Relates to the development and creation of distributed ledger technology, which is a mathematically secured, chronological, and decentralized consensus ledger or database, whether maintained via internet interaction, peer-to-peer network, or otherwise used to authenticate, record, share and synchronize transactions in their respective electronic ledgers or databases, and business entities that develop distributed ledger technology.

S1800 (ACTIVE) - Sponsor Memo

S1800 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1800
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 15, 2021
                                ___________
 
 Introduced  by  Sens.  SAVINO, KAPLAN -- read twice and ordered printed,
   and when printed to be committed to  the  Committee  on  Internet  and
   Technology
 
 AN  ACT to amend the economic development law, in relation to the devel-
   opment and creation of  distributed  ledger  technology  and  business
   entities that develop such technology

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivisions 8 and 23 of section 352 of the economic devel-
 opment law, as amended by section 1 of part K of chapter 59 of the  laws
 of 2017, are amended to read as follows:
   8.  "Financial  services  data  centers or financial services customer
 back office  operations"  means  operations  that  manage  the  data  or
 accounts of existing customers or provide product or service information
 and  support  to  customers  of  financial services companies, including
 banks, other lenders, securities and commodities  brokers  and  dealers,
 investment  banks,  portfolio  managers,  trust offices, [and] insurance
 companies, AND FINANCIAL TECHNOLOGY COMPANIES THAT  DEVELOP  DISTRIBUTED
 LEDGER  TECHNOLOGY. FOR PURPOSES OF THIS SUBDIVISION "DISTRIBUTED LEDGER
 TECHNOLOGY" MEANS A MATHEMATICALLY SECURED,  CHRONOLOGICAL,  AND  DECEN-
 TRALIZED  CONSENSUS  LEDGER OR DATABASE, WHETHER MAINTAINED VIA INTERNET
 INTERACTION, PEER-TO-PEER NETWORK, OR OTHERWISE  USED  TO  AUTHENTICATE,
 RECORD, SHARE AND SYNCHRONIZE TRANSACTIONS IN THEIR RESPECTIVE ELECTRON-
 IC LEDGERS OR DATABASES.
   23.  "Software  development"  means the creation of DISTRIBUTED LEDGER
 TECHNOLOGY, coded computer instructions or production or post-production
 of video games, as defined in subdivision one-a of section  six  hundred
 eleven  of  the general business law, other than those embedded and used
 exclusively in advertising, promotional websites or microsites, and also
 includes new media as defined by the commissioner in regulations.    FOR
 PURPOSES  OF  THIS  SUBDIVISION  "DISTRIBUTED LEDGER TECHNOLOGY" MEANS A
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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