Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 21, 2024 |
advanced to third reading cal.364 |
Mar 19, 2024 |
reported |
Jan 03, 2024 |
referred to codes |
May 23, 2023 |
reported referred to codes |
Jan 11, 2023 |
referred to science and technology |
Assembly Bill A938
2023-2024 Legislative Session
Sponsored By
VANEL
Current Bill Status - On Floor Calendar
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
Steven Otis
Jake Ryan Blumencranz
2023-A938 (ACTIVE) - Details
2023-A938 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 938 2023-2024 Regular Sessions I N A S S E M B L Y January 11, 2023 ___________ Introduced by M. of A. VANEL -- read once and referred to the Committee on Science and Technology 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- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01643-01-3
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