Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 25, 2022 |
recommit, enacting clause stricken |
May 12, 2022 |
referred to internet and technology |
Senate Bill S9275
2021-2022 Legislative Session
Sponsored By
(D, WF) 56th Senate District
Archive: Last Bill Status - Stricken
- 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
2021-S9275 (ACTIVE) - Details
- Law Section:
- General Business Law
- Laws Affected:
- Add §350-b-2, Gen Bus L
2021-S9275 (ACTIVE) - Sponsor Memo
BILL NUMBER: S9275 SPONSOR: COONEY TITLE OF BILL: An act to amend the general business 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 different terms relating to virtual tokens as well as the definition of an advertisement. It also prohibits advertisers from advertising a security token without conspicuously disclosing the amount they were paid to make the advertisement. Lastly, it describes the form of disclosure for advertisements. Section 2 is the effective date.
2021-S9275 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9275 I N S E N A T E May 12, 2022 ___________ Introduced by Sen. COONEY -- read twice and ordered printed, and when printed to be committed to the Committee on Internet and Technology AN ACT to amend the general business 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 general business law is amended by adding a new section 350-b-2 to read as follows: § 350-B-2. DISCLOSURES REQUIRED IN ADVERTISEMENTS INVOLVING SECURITY TOKENS. 1. AS USED IN THIS SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (A) "VIRTUAL TOKENS" SHALL MEAN SECURITY TOKENS AND STABLECOINS; (B) "SECURITY TOKENS" SHALL MEAN ANY FORM OF FUNGIBLE AND NON-FUNGIBLE COMPUTER CODE BY WHICH ALL SUCH FORMS OF OWNERSHIP OF SAID COMPUTER CODE IS DETERMINED THROUGH VERIFICATION OF TRANSACTIONS OR ANY DERIVATIVE METHOD, AND THAT IS STORED ON A PEER-TO-PEER COMPUTER NETWORK OR ANY OTHER SUCH COMPUTERIZED SYSTEM OR THROUGH ANY DERIVATIVE MEANS OF STOR- AGE, AND WHICH CONFORMS TO ONE OF THE FOLLOWING: (I) SUCH CLASS OF VIRTUAL TOKENS ARE ADVERTISED BY THE DEVELOPER OR ANOTHER AT THE DEVELOPER'S DIRECTION TO BE BOUGHT AND SOLD FOR THE PURPOSE OF PROFIT, WHETHER OR NOT SUCH PURPOSE IS ADVERTISED AS THE SOLE PURPOSE; (II) SUCH VIRTUAL TOKENS CAN BE REASONABLY UNDERSTOOD BY MEMBERS OF THE PUBLIC TO BE BOUGHT AND SOLD FOR THE PURPOSE OF PROFIT; (III) THE VALUE OF SUCH CLASS OF VIRTUAL TOKENS IS DETERMINED BY THE SUPPLY AND DEMAND OF THE VIRTUAL TOKEN; (IV) SUCH CLASS OF VIRTUAL TOKENS: (I) ARE NOT PEGGED TO AN EXTERNAL SOURCE, WHETHER OR NOT SUCH EXTERNAL SOURCE IS VOLATILE, (II) ARE PEGGED TO ANOTHER CLASS OF VIRTUAL TOKENS, OR SUCH CLASS OF VIRTUAL TOKENS DO NOT EMPLOY TECHNOLOGY WHICH PREVENTS LARGE FLUCTUATIONS IN ITS PRICE, OR SUCH TECHNOLOGY FAILS TO PREVENT THE SAME; (C) "STABLECOIN" SHALL MEAN ANY FORM OF FUNGIBLE AND NON-FUNGIBLE COMPUTER CODE BY WHICH ALL SUCH FORMS OF OWNERSHIP OF SAID COMPUTER CODE IS DETERMINED THROUGH VERIFICATION OF TRANSACTIONS OR ANY DERIVATIVE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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