NY State Senate Bill S8343

Archive: Last Bill Status Via A9275 - Vetoed by Governor

Introduced
In Committee
On Floor Calendar
- Passed Senate
- Passed Assembly
Delivered to Governor
Vetoed by Governor

Your Voice

Please enter your contact information

First Name *

Last Name *

Email Address *

A valid email address is required.

Home address search or enter your address manually *

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Leave this field blank

Actions

view actions (14)

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Nov 23, 2022	tabled vetoed memo.60
Nov 22, 2022	delivered to governor
Jun 03, 2022	returned to assembly passed senate
Jun 02, 2022	3rd reading cal.929 substituted for s8343
Jun 02, 2022	substituted by a9275 vote reconsidered - restored to third reading passed senate
May 03, 2022	advanced to third reading
May 02, 2022	2nd report cal.
Apr 27, 2022	1st report cal.929
Feb 15, 2022	referred to banks

Votes

Co-Sponsors

S8343 (ACTIVE) - Details

See Assembly Version of this Bill:: A9275
Law Section:: Financial Services
Versions Introduced in 2023-2024 Legislative Session:: S1891, A954

S8343 (ACTIVE) - Summary

Establishes the New York state cryptocurrency and blockchain study task force to provide the governor and the legislature with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems, including but not limited to blockchain technology, in the state.

S8343 (ACTIVE) - Sponsor Memo

 
BILL NUMBER: S8343

SPONSOR: SANDERS
 
TITLE OF BILL:

An act in relation to establishing the New York state cryptocurrency and
blockchain study task force; and providing for the repeal of such
provisions upon expiration thereof

 
PURPOSE OR GENERAL IDEA OF BILL:

Establishes the New York state cryptocurrency and blockchain study task
force.

 
SUMMARY OF PROVISIONS:

Section 1 short title

Section 2 authorizes the department of financial services to establish a
New York State cryptocurrency and blockchain study task force.

Section 3 states who the task force shall be comprised of.

Section 4 lists the responsibilities and roles of the taskforce.

Section 5 is the effective date and the repeal date of this act.

 
JUSTIFICATION:

New York is arguably the financial capital of the world, and we must
ensure that we help foster the creation of an environment that allows us
to continue to lead the world in the financial sector; the New York
Stock Exchange and the NASDAQ are two of the world's most valued stock
exchanges and the financial industry accounts for nearly twenty percent
of New York State's tax revenue.

However, it is not guaranteed that we will continue to be the world's
financial leader. In reality, in the current economic environment, we
are competing with London, Tokyo, Shanghai, and Hong Kong for financial
investments and our position as a fiscal leader. In current digital and
technological world, New York is vying for future financial transactions
and activity with almost every global market and state.

Cryptocurrencies have been making inroads into New York's digital econo-
my over the last decade. A rising number of businesses around the state
are accepting cryptocurrencies as payment. Throughout the state, there
are a number of cryptocurrency-related investments and investment compa-
nies. Furthermore, our state hosts a substantial proportion of block-
chain mining.

Blockchain is the technology that undergirds the industry. Its benefits
include decentralization, immutable security, and transparency amongst
other things. New York State should consider the uses of the technology.

The Bitlicense, which is a business license for virtual currency activ-
ities in New York State, was promulgated by the New York State Depart-
ment of Financial Services (NYSDFS) in 2015. We must thoroughly compre-
hend the implications of Blockchain technology, its impact on
innovation, its potential for jobs and economic growth, energy consump-
tion, environmental issues, and competition in order to supplement the
Bitlicense with the correct legislative framework.

New York must be a state where: (1) consumers and investors are safe-
guarded, (2) money laundering is prevented, (3) New Yorkers are
protected from unscrupulous users and actors, (4) employment and econom-
ic growth are promoted, (5) blockchain technology uses are considered,
and (6) environmental damage is minimized.

 
PRIOR LEGISLATIVE HISTORY:

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

 
EFFECTIVE DATE:
This act shall take effect immediately and shall be deemed repealed on
December 15, 2024.

S8343 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8343
 
                             I N  S E N A T E
 
                             February 15, 2022
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN ACT in relation to establishing the New York state cryptocurrency and
   blockchain study task force; and providing  for  the  repeal  of  such
   provisions upon expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "New York state cryptocurrency and blockchain study act".
   § 2. There is hereby established the New York state cryptocurrency and
 blockchain  study  task  force  (hereinafter  referred  to  as "the task
 force") to provide the governor and the legislature with information  on
 the effects of the widespread use of cryptocurrencies and other forms of
 digital currencies and their ancillary systems, including but not limit-
 ed to blockchain technology, in the state.
   § 3. 1. The task force shall consist of sixteen members as follows:
   a.  seven  members  appointed by the governor, which shall include the
 following five members:
   i. the superintendent of the department of financial services, or  his
 or her designee;
   ii.  the commissioner of the department of environmental conservation,
 or his or her designee;
   iii. a representative from the financial services industry;
   iv. a representative from a state or national  organization  promoting
 environmental conservation; and
   v.  a  representative who is a faculty member of an accredited college
 or university in New York state with experience in economic studies.
   b. the comptroller of the State of New York, or his or her designee.
   c. four members appointed by the temporary president  of  the  senate;
 and
   d. four members appointed by the speaker of the assembly.
   2.  To  the  extent  practicable,  members appointed to the task force
 shall have relevant experience  and  knowledge  concerning  the  digital
 currency, cryptocurrency and blockchain industries.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD14668-01-2
 S. 8343                             2
 
   3.  The  members  of  the task force shall receive no compensation for
 their services, but shall be allowed their actual and necessary expenses
 incurred in the performance of their duties pursuant to this act.
   4.  Any  vacancies in the membership of the task force shall be filled
 in the same manner provided for in the initial appointment.
   5. The task force may consult with any organization, government  enti-
 ty, or person, in the development of its report required under section 4
 of this act.
   6.  The  members  of  the  task force shall be appointed no later than
 ninety days after the effective date of this act.
   § 4. On or before December 15, 2024, the task force  shall  submit  to
 the  governor,  the temporary president of the senate and the speaker of
 the assembly a report containing, but  not  limited  to,  the  following
 information based on available data:
   a.  a  review  of  the digital currency, cryptocurrency and blockchain
 industries in New York state;
   b. the number of digital currencies currently being traded  and  their
 approximate percentage of market share;
   c. the number of exchanges operating in New York state and their aver-
 age monthly trade volume;
   d.  the  use  of  digital  currencies'  impact  on state and local tax
 receipts;
   e. the types of  investment  entities  that  are  large  investors  in
 digital currency;
   f.  the  energy  consumption  necessary for coin mining operations and
 other policy considerations related thereto;
   g. the environmental impact of coin mining operations;
   h. the transparency  of  the  digital  currency  marketplace  and  the
 related potential of market manipulation and other illegal activities;
   i.  a review of laws and regulations on digital currency used by other
 states, the federal government, foreign countries, and foreign political
 and economic unions to regulate the marketplace; and
   j. legislative and regulatory recommendations,  if  any,  to  increase
 transparency  and security, enhance consumer protections, and to address
 the long-term impact related to the use of cryptocurrency.
   § 5. This act shall take effect immediately and shall expire  December
 15,  2024 when upon such date the provisions of this act shall be deemed
 repealed.

Comments

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.

The New York State Senate

senate Bill S8343

Sponsored By

Archive: Last Bill Status Via A9275 - Vetoed by Governor

Your Voice

Actions

Votes

Jun 2, 2022 - floor Vote

Floor Vote: Jun 2, 2022

Jun 2, 2022 - floor Vote

Floor Vote: Jun 2, 2022

Apr 27, 2022 - Banks committee Vote

Banks Committee Vote: Apr 27, 2022

Co-Sponsors

S8343 (ACTIVE) - Details

S8343 (ACTIVE) - Summary

S8343 (ACTIVE) - Sponsor Memo

S8343 (ACTIVE) - Bill Text download pdf

Comments

senate Bill S8343

Share this bill

Sponsored By

Archive: Last Bill Status Via A9275 - Vetoed by Governor

Your Voice

Actions

Votes

Jun 2, 2022 - floor Vote

Floor Vote: Jun 2, 2022

Jun 2, 2022 - floor Vote

Floor Vote: Jun 2, 2022

Apr 27, 2022 - Banks committee Vote

Banks Committee Vote: Apr 27, 2022

Co-Sponsors

S8343 (ACTIVE) - Details

S8343 (ACTIVE) - Summary

S8343 (ACTIVE) - Sponsor Memo

S8343 (ACTIVE) - Bill Text download pdf

Comments