Do you support this bill?

Assembly Bill A938A

2023-2024 Legislative Session

Requires certain disclosures in advertisements involving virtual tokens

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Internet And Technology Committee

Please enter your contact information

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.

Actions

Bill Amendments

co-Sponsors

2023-A938 - Details

Current Committee:
Senate Internet And Technology
Law Section:
Financial Services Law
Laws Affected:
Add §410, Fin Serv L
Versions Introduced in Other Legislative Sessions:
2021-2022: A9029
2025-2026: A391

2023-A938 - Summary

Requires certain disclosures by a developer of virtual tokens in advertisements involving such virtual tokens; provides restrictions concerning advertising.

2023-A938 - 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

co-Sponsors

2023-A938A (ACTIVE) - Details

Current Committee:
Senate Internet And Technology
Law Section:
Financial Services Law
Laws Affected:
Add §410, Fin Serv L
Versions Introduced in Other Legislative Sessions:
2021-2022: A9029
2025-2026: A391

2023-A938A (ACTIVE) - Summary

Requires certain disclosures by a developer of virtual tokens in advertisements involving such virtual tokens; provides restrictions concerning advertising.

2023-A938A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  938--A
                                                         Cal. No. 364
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2023
                                ___________
 
 Introduced  by  M.  of  A.  VANEL,  OTIS,  BLUMENCRANZ  -- read once and
   referred to the Committee on Science and Technology  --  reported  and
   referred  to the Committee on Codes -- recommitted to the Committee on
   Codes in accordance with Assembly Rule 3,  sec.  2  --  reported  from
   committee, advanced to a third reading, amended and ordered reprinted,
   retaining its place on the order of third reading
 
 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.  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
 THE  AMOUNT  OF  CONSIDERATION,  WHETHER  PAST OR PROSPECTIVE, DIRECT OR
 INDIRECT, AND THE NATURE THEREOF.
   (B) NO  PERSON  SHALL,  IN  ANY  MANNER,  ADVERTISE,  PRINT,  DISPLAY,
 PUBLISH,  DISTRIBUTE, OR BROADCAST, OR CAUSE OR PERMIT TO BE ADVERTISED,
 PRINTED, DISPLAYED, PUBLISHED, DISTRIBUTED, OR BROADCASTED,  ANY  STATE-
 MENT  OR REPRESENTATION WITH REGARD TO ANY VIRTUAL TOKEN OR OTHER FINAN-
 CIAL PRODUCT OR SERVICE IF SUCH STATEMENT OR REPRESENTATION IS,  IN  ANY
 MANNER, FALSE, MISLEADING OR DECEPTIVE.
   (C) FOR THE PURPOSES OF THIS SECTION AND WITHOUT LIMITING SUBDIVISIONS
 (A)  AND  (B)  OF  THIS  SECTION, A STATEMENT OR REPRESENTATION SHALL BE
 FALSE, MISLEADING AND DECEPTIVE IF IT STATES  OR  IMPLIES,  DIRECTLY  OR
 INDIRECTLY,  THAT  A PERSON IS AUTHORIZED LEGALLY TO OFFER OR PROVIDE IN
 NEW YORK STATE OR TO NEW YORK STATE RESIDENTS A VIRTUAL TOKEN  OR  OTHER
 FINANCIAL PRODUCT OR SERVICE, AND SUCH PERSON IS NOT SO AUTHORIZED.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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.

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