NY State Senate Bill 2023-S5621

Senate Bill S5621

Signed By Governor

2023-2024 Legislative Session

Relates to reporting of digital assets on the annual statement of financial disclosure

download bill text pdf

Current Bill Status - Signed by Governor

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

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Oct 25, 2023	signed chap.591
Oct 13, 2023	delivered to governor
Jun 07, 2023	returned to senate passed assembly ordered to third reading rules cal.107 substituted for a2873b
May 30, 2023	referred to governmental operations delivered to assembly passed senate
May 22, 2023	amended on third reading (t) 5621b
May 22, 2023	restored to third reading substitution reconsidered
May 18, 2023	substituted by a2873a
May 10, 2023	advanced to third reading
May 09, 2023	2nd report cal.
May 08, 2023	1st report cal.764
Mar 16, 2023	print number 5621a
Mar 16, 2023	amend and recommit to ethics and internal governance
Mar 09, 2023	referred to ethics and internal governance

Votes

- May 30, 2023 - Floor Vote
  S5621
  
  55
  
  Aye
  
  6
  
  Nay
  
  0
  
  Absent
  
  2
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: May 30, 2023
      
      aye (55)
      
      Addabbo Jr.
      
      Ashby
      
      Bailey
      
      Borrello
      
      Breslin
      
      Brisport
      
      Brouk
      
      Canzoneri-Fitzpatrick
      
      Chu
      
      Cleare
      
      Comrie
      
      Felder
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Gonzalez
      
      Gounardes
      
      Harckham
      
      Helming
      
      Hinchey
      
      Hoylman-Sigal
      
      Jackson
      
      Kavanagh
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mannion
      
      Martinez
      
      Martins
      
      Mattera
      
      May
      
      Mayer
      
      Murray
      
      Myrie
      
      Palumbo
      
      Parker
      
      Persaud
      
      Ramos
      
      Rhoads
      
      Rivera
      
      Rolison
      
      Ryan
      
      Salazar
      
      Sanders Jr.
      
      Scarcella-Spanton
      
      Sepúlveda
      
      Serrano
      
      Skoufis
      
      Stavisky
      
      Stewart-Cousins
      
      Tedisco
      
      Thomas
      
      Webb
      
      Weber
      
      nay (6)
      
      Griffo
      
      O'Mara
      
      Oberacker
      
      Ortt
      
      Stec
      
      Walczyk
      
      excused (2)
      
      Cooney
      
      Weik
  May 9, 2023 - Ethics And Internal Governance Committee Vote
  S5621
  
  5
  
  Aye
  
  0
  
  Nay
  
  2
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Ethics And Internal Governance Committee Vote: May 9, 2023
      
      aye (5)
      
      Breslin
      
      Cooney
      
      Gonzalez
      
      Rhoads
      
      Stavisky
      
      aye wr (2)
      
      Lanza
      
      Palumbo

Bill Amendments

Original

B (Active)

2023-S5621 - Details

Law Section:: Public Officers Law
Laws Affected:: Amd §73-a, Pub Off L
Versions Introduced in 2021-2022 Legislative Session:: S7272

2023-S5621 - Summary

Relates to reporting of digital assets on the annual statement of financial disclosure filed with the legislative ethics commission or the joint commission on public ethics.

2023-S5621 - Sponsor Memo

                                 
BILL NUMBER: S5621

SPONSOR: MAY
 
TITLE OF BILL:

An act to amend the public officers law, in relation to reporting of
cryptocurrency holdings on the annual statement of financial disclosure

 
PURPOSE:

The purpose of this bill is to close the loophole on cryptocurrency
assets, like bitcoin, on the state's financial disclosure statement and
add transparency regarding individuals' interest in this type of digital
financial property.

 
SUMMARY OF PROVISIONS:

A new paragraph 16-a is added to subdivision 3 of section 73-a of the
public officers law to require the reporting of type and market value of
cryptocurrencies held by the reporting individual, in excess of $1,000
at the close of the taxable year prior to the date of filing.  For
purposes of the bill, "cryptocurrency" is defined as a digital currency

in which encryption techniques are used to regulate the generation of
units and currency and verify the transfer of funds, operating independ-
ently from a central bank.

 
JUSTIFICATION:

In 2014 the Internal Revenue Service (IRS) ruled that the first non-cen-
tral bank digital cryptocurrency, known as bitcoin, be treated as prop-
erty for tax purposes. This meant that bitcoin would, henceforth, be
subject to capital gains tax. In July 2019, the IRS started sending
letters to cryptocurrency owners warning them to amend their returns and
pay taxes. Additionally, academic research has shown that bitcoin has
some characteristics more like the precious metals market than tradi-
tional currencies, signaling agreement with the IRS decision even if
based on different reasons.

Source: https://en.wikipedia.org/wiki/Cryptocurrency

Because cryptocurrency transactions can be made anonymously, they are
difficult to track and to regulate. They are increasingly popular tools
for cybercrimes and "ransomware," a kind of digital hijacking.  The
recent shutdown of the Colonial natural gas pipeline in the US southeast
was an international cyberattack by hackers who demanded payment via
cryptocurrency. This type of digital asset is designed to work as a
medium of exchange of units called "coins". The coins are stored in a
ledger existing in a form of a computerized database and is called a
"blockchain". Cryptocurrency does not exist in physical form (like paper
money) and is typically not issued by a central authority. Bitcoin is
the first decentralized cryptocurrency. Since the release of bitcoin,
many other cryptocurrencies have been created.

 
LEGISLATIVE HISTORY:

2022- S7272 (MAY) THIRD READING/A9086 (Kelles) Ref Gov Ops

 
FISCAL IMPLICATIONS:

None

 
EFFECTIVE DATE:
January 1st after enactment

2023-S5621 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5621
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 9, 2023
                                ___________
 
 Introduced  by  Sen.  MAY  --  read  twice and ordered printed, and when
   printed to be committed to the Committee on Ethics and Internal Gover-
   nance
 
 AN ACT to amend the public officers law, in  relation  to  reporting  of
   cryptocurrency  holdings  on the annual statement of financial disclo-
   sure

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 3 of section 73-a of the public officers law is
 amended by adding a new paragraph 16-a to read as follows:
   16-A. LIST BELOW THE TYPE AND MARKET VALUE OF CRYPTOCURRENCIES HELD BY
 THE REPORTING INDIVIDUAL OR SUCH INDIVIDUAL'S SPOUSE IN EXCESS OF $1,000
 AT  THE  CLOSE  OF  THE TAXABLE YEAR LAST OCCURRING PRIOR TO THE DATE OF
 FILING. WHENEVER AN INTEREST IN CRYPTOCURRENCIES EXISTS THROUGH A  BENE-
 FICIAL  INTEREST  IN  A  TRUST,  THE CRYPTOCURRENCIES HELD IN SUCH TRUST
 SHALL BE LISTED ONLY IF THE REPORTING INDIVIDUAL HAS  KNOWLEDGE  THEREOF
 EXCEPT  WHERE  THE  REPORTING  INDIVIDUAL  OR THE REPORTING INDIVIDUAL'S
 SPOUSE HAS TRANSFERRED ASSETS TO SUCH TRUST FOR HIS OR  HER  BENEFIT  IN
 WHICH  EVENT  SUCH  CRYPTOCURRENCIES SHALL BE LISTED UNLESS THEY ARE NOT
 ASCERTAINABLE BY THE REPORTING INDIVIDUAL BECAUSE THE TRUSTEE  IS  UNDER
 AN  OBLIGATION  OR  HAS  BEEN  INSTRUCTED IN WRITING NOT TO DISCLOSE THE
 CONTENTS OF THE TRUST TO THE REPORTING INDIVIDUAL.  CRYPTOCURRENCIES  OF
 WHICH  THE  REPORTING INDIVIDUAL OR THE REPORTING INDIVIDUAL'S SPOUSE IS
 THE OWNER OF RECORD BUT IN WHICH SUCH INDIVIDUAL OR THE REPORTING  INDI-
 VIDUAL'S  SPOUSE  HAS  NO  BENEFICIAL INTEREST SHALL NOT BE LISTED. ALSO
 LIST CRYPTOCURRENCIES OWNED FOR INVESTMENT  PURPOSES  BY  A  CORPORATION
 MORE  THAN  FIFTY  PERCENT  (50%)  OF  THE  STOCK  OF  WHICH IS OWNED OR
 CONTROLLED BY THE REPORTING INDIVIDUAL OR SUCH INDIVIDUAL'S SPOUSE.  FOR
 THE PURPOSES OF THIS ITEM THE TERM "CRYPTOCURRENCY" SHALL MEAN A DIGITAL
 CURRENCY  IN WHICH ENCRYPTION TECHNIQUES ARE USED TO REGULATE THE GENER-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03465-01-3
 S. 5621                             2

 
 ATION OF UNITS AND CURRENCY AND VERIFY THE TRANSFER OF FUNDS,  OPERATING
 INDEPENDENTLY FROM A CENTRAL BANK.
 
                                         CATEGORY OF
                                         MARKET VALUE
                                         AS OF THE CLOSE
                                         OF THE TAXABLE
                                         YEAR LAST
                                         OCCURRING
                                         PRIOR TO
   SELF/        TYPE OF                  THE FILING OF
   SPOUSE       CRYPTOCURRENCY           THIS STATEMENT
                                         (IN TABLE II)
 _______________________________________________________________________
 _______________________________________________________________________
 _______________________________________________________________________
 _______________________________________________________________________
 _______________________________________________________________________
   §  2. This act shall take effect on the first of January next succeed-
 ing the date upon which it shall have become a law.

2023-S5621A - Details

Law Section:: Public Officers Law
Laws Affected:: Amd §73-a, Pub Off L
Versions Introduced in 2021-2022 Legislative Session:: S7272

2023-S5621A - Summary

Relates to reporting of digital assets on the annual statement of financial disclosure filed with the legislative ethics commission or the joint commission on public ethics.

2023-S5621A - Sponsor Memo

                                 
BILL NUMBER: S5621A

SPONSOR: MAY
 
TITLE OF BILL:

An act to amend the public officers law, in relation to reporting of
cryptocurrency holdings on the annual statement of financial disclosure

 
PURPOSE:

The purpose of this bill is to close the loophole on cryptocurrency
assets, like bitcoin, on the state's financial disclosure statement and
add transparency regarding individuals' interest in this type of digital
financial property.

 
SUMMARY OF PROVISIONS:

A new paragraph 16-a is added to subdivision 3 of section 73-a of the
public officers law to require the reporting of type and market value of
cryptocurrencies held by the reporting individual, in excess of $1,000,
at the close of the taxable year prior to the date of filing.

For purposes of the bill, "cryptocurrency" is defined as a digital
currency in which encryption techniques are used to regulate the gener-
ation of units and currency and verify the transfer of funds, operating
independently from a central bank.

 
JUSTIFICATION:

In 2014 the Internal Revenue Service (IRS) ruled that the first non-cen-
tral bank digital cryptocurrency, known as bitcoin, be treated as prop-
erty for tax purposes. This meant that bitcoin would henceforth be
subject to capital gains tax. In July 2019, the IRS started sending
letters to cryptocurrency owners warning them to amend their returns and
pay taxes. Additionally, academic research has shown that bitcoin has
some characteristics more like the precious metals market than tradi-
tional currencies, signaling agreement with the IRS decision even if
based on different reasons.  Source:
https://en.wikipedia.org/wiki/Cryptocurrency

Because cryptocurrency transactions can be made anonymously, they are
difficult to track and to regulate. They are increasingly popular tools
for cybercrimes and "ransomware," a kind of digital hijacking.  The
shutdown of the Colonial natural gas pipeline in the US southeast was an
international cyberattack by hackers who demanded payment via cryptocur-
rency. This type of digital asset is designed to work as a medium of
exchange of units called "coins". The coins are stored in a ledger
existing in a form of a computerized database and is called a "block-
chain".. Cryptocurrency does not exist in physical form (like paper
money) and is typically not issued by a central authority.  Bitcoin is
the first decentralized cryptocurrency. Since the release of bitcoin,
many other cryptocurrencies have been created.

 
LEGISLATIVE HISTORY:

2022- S7272 (MAY) THIRD READING/ A9086 (Kelles) Ref Gov Ops

 
FISCAL IMPLICATIONS:

None

 
EFFECTIVE DATE:
January 1st after enactment

2023-S5621A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5621--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 9, 2023
                                ___________
 
 Introduced  by  Sen.  MAY  --  read  twice and ordered printed, and when
   printed to be committed to the Committee on Ethics and Internal Gover-
   nance -- committee discharged,  bill  amended,  ordered  reprinted  as
   amended and recommitted to said committee
 
 AN  ACT  to  amend  the public officers law, in relation to reporting of
   cryptocurrency holdings on the annual statement of  financial  disclo-
   sure
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 3 of section 73-a of the public officers law is
 amended by adding a new paragraph 16-a to read as follows:
   16-A. LIST BELOW THE TYPE AND MARKET VALUE OF CRYPTOCURRENCIES HELD BY
 THE REPORTING INDIVIDUAL OR SUCH INDIVIDUAL'S SPOUSE OR DOMESTIC PARTNER
 IN EXCESS OF $1,000 AT THE CLOSE OF  THE  TAXABLE  YEAR  LAST  OCCURRING
 PRIOR  TO  THE  DATE OF FILING. WHENEVER AN INTEREST IN CRYPTOCURRENCIES
 EXISTS THROUGH A BENEFICIAL INTEREST IN A  TRUST,  THE  CRYPTOCURRENCIES
 HELD  IN SUCH TRUST SHALL BE LISTED ONLY IF THE REPORTING INDIVIDUAL HAS
 KNOWLEDGE THEREOF EXCEPT WHERE THE REPORTING INDIVIDUAL OR THE REPORTING
 INDIVIDUAL'S SPOUSE OR DOMESTIC PARTNER HAS TRANSFERRED ASSETS  TO  SUCH
 TRUST  FOR HIS OR HER BENEFIT IN WHICH EVENT SUCH CRYPTOCURRENCIES SHALL
 BE LISTED UNLESS THEY ARE NOT ASCERTAINABLE BY THE REPORTING  INDIVIDUAL
 BECAUSE  THE  TRUSTEE  IS  UNDER AN OBLIGATION OR HAS BEEN INSTRUCTED IN
 WRITING NOT TO DISCLOSE THE CONTENTS OF THE TRUST TO THE REPORTING INDI-
 VIDUAL.   CRYPTOCURRENCIES OF WHICH  THE  REPORTING  INDIVIDUAL  OR  THE
 REPORTING INDIVIDUAL'S SPOUSE OR DOMESTIC PARTNER IS THE OWNER OF RECORD
 BUT  IN  WHICH  SUCH  INDIVIDUAL OR THE REPORTING INDIVIDUAL'S SPOUSE OR
 DOMESTIC PARTNER HAS NO BENEFICIAL INTEREST SHALL NOT  BE  LISTED.  ALSO
 LIST  CRYPTOCURRENCIES  OWNED  FOR  INVESTMENT PURPOSES BY A CORPORATION
 MORE THAN FIFTY PERCENT  (50%)  OF  THE  STOCK  OF  WHICH  IS  OWNED  OR
 CONTROLLED  BY  THE  REPORTING INDIVIDUAL OR SUCH INDIVIDUAL'S SPOUSE OR
 DOMESTIC PARTNER. FOR THE PURPOSES OF THIS ITEM THE TERM  "CRYPTOCURREN-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03465-03-3

 S. 5621--A                          2
 
 CY"  SHALL  MEAN  A  DIGITAL CURRENCY IN WHICH ENCRYPTION TECHNIQUES ARE
 USED TO REGULATE THE GENERATION OF UNITS AND  CURRENCY  AND  VERIFY  THE
 TRANSFER OF FUNDS, OPERATING INDEPENDENTLY FROM A CENTRAL BANK.

                                         CATEGORY OF
                                         MARKET VALUE
                                         AS OF THE CLOSE
                                         OF THE TAXABLE
                                         YEAR LAST
                                         OCCURRING
                                         PRIOR TO
   SELF/        TYPE OF                  THE FILING OF
   SPOUSE OR    CRYPTOCURRENCY           THIS STATEMENT
   DOMESTIC                              (IN TABLE II)
   PARTNER
 _______________________________________________________________________
 _______________________________________________________________________
 _______________________________________________________________________
 _______________________________________________________________________
 _______________________________________________________________________
   §  2. This act shall take effect on the first of January next succeed-
 ing the date upon which it shall have become a law.

2023-S5621B (ACTIVE) - Details

Law Section:: Public Officers Law
Laws Affected:: Amd §73-a, Pub Off L
Versions Introduced in 2021-2022 Legislative Session:: S7272

2023-S5621B (ACTIVE) - Summary

Relates to reporting of digital assets on the annual statement of financial disclosure filed with the legislative ethics commission or the joint commission on public ethics.

2023-S5621B (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S5621B

SPONSOR: MAY
 
TITLE OF BILL:

An act to amend the public officers law, in relation to reporting of
digital assets on the annual statement of financial disclosure

 
PURPOSE:

The purpose of this bill is to close the loophole on digital assets,
like bitcoin, on the state's financial disclosure statement and add
transparency regarding individuals' interest in this type of digital
financial property.

 
SUMMARY OF PROVISIONS:

A new paragraph 16-a is added to subdivision 3 of section 73-a of the
public officers law to require the reporting of name and market value of
digital assets held by the reporting individual, in excess of $1,000, at
the close of the taxable year prior to the date of filing.

For purposes of the bill, "digital assets" means an asset that is
issued, transferred, or both, using distributed ledger or blockchain
technology, including, but not limited to, digital currencies, digital
coins, digital non-fungible tokens or other similar assets.

 
JUSTIFICATION:

In 2014 the Internal Revenue Service (IRS) ruled that the first non-cen-
tral bank digital cryptocurrency, known as bitcoin, be treated as prop-
erty for tax purposes. This meant that bitcoin would henceforth be
subject to capital gains tax. In July 2019, the IRS started sending
letters to cryptocurrency owners warning them to amend their returns and
pay taxes. Additionally, academic research has shown that bitcoin has
some characteristics more like the precious metals market than tradi-
tional currencies, signaling agreement with the IRS decision even if
based on different reasons.  Source:
https://en.wikipedia.org/wiki/Cryptocurrency

Because transactions of digital assets like cryptocurrency can be made
anonymously, they are difficult to track and to regulate. They are
increasingly popular tools for cybercrimes and "ransomware," a kind of
digital hijacking. The shutdown of the Colonial natural gas pipeline in
the US southeast was an international cyberattack by hackers who
demanded payment via cryptocurrency. This type of digital asset is
designed to work as a medium of exchange of units called "coins". The
coins are stored in a ledger existing in a form of a computerized data-
base and is called a "blockchain". Cryptocurrency does not exist in
physical form (like paper money) and is typically not issued by a
central authority. Bitcoin is the first decentralized cryptocurrency.
Since the release of bitcoin, many other cryptocurrencies have been
created.

 
LEGISLATIVE HISTORY:

2022- S7272 (MAY) THIRD READING/ A9086 (Kelles) Ref Gov Ops

 
FISCAL IMPLICATIONS:
None

 
EFFECTIVE DATE:
January 1 st after enactment

2023-S5621B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5621--B
     Cal. No. 764
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 9, 2023
                                ___________
 
 Introduced  by  Sen.  MAY  --  read  twice and ordered printed, and when
   printed to be committed to the Committee on Ethics and Internal Gover-
   nance -- committee discharged,  bill  amended,  ordered  reprinted  as
   amended  and  recommitted to said committee -- reported favorably from
   said committee, ordered to first and second report, ordered to a third
   reading, substituted by Assembly Bill No. 2873A,  substitution  recon-
   sidered,  restored  to  third  reading, amended and ordered reprinted,
   retaining its place in the order of third reading
 
 AN ACT to amend the public officers law, in  relation  to  reporting  of
   digital assets on the annual statement of financial disclosure
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 3 of section 73-a of the public officers law is
 amended by adding a new paragraph 16-a to read as follows:
   16-A. LIST BELOW THE NAME AND MARKET VALUE OF DIGITAL ASSETS  HELD  BY
 THE REPORTING INDIVIDUAL OR SUCH INDIVIDUAL'S SPOUSE OR DOMESTIC PARTNER
 IN  EXCESS  OF  $1,000  AT  THE CLOSE OF THE TAXABLE YEAR LAST OCCURRING
 PRIOR TO THE DATE OF FILING. WHENEVER  AN  INTEREST  IN  DIGITAL  ASSETS
 EXISTS THROUGH A BENEFICIAL INTEREST IN A TRUST, THE DIGITAL ASSETS HELD
 IN SUCH TRUST SHALL BE LISTED ONLY IF THE REPORTING INDIVIDUAL HAS KNOW-
 LEDGE  THEREOF  EXCEPT  WHERE  THE REPORTING INDIVIDUAL OR THE REPORTING
 INDIVIDUAL'S SPOUSE OR DOMESTIC PARTNER HAS TRANSFERRED ASSETS  TO  SUCH
 TRUST FOR HIS OR HER BENEFIT IN WHICH EVENT SUCH DIGITAL ASSETS SHALL BE
 LISTED  UNLESS  THEY  ARE  NOT ASCERTAINABLE BY THE REPORTING INDIVIDUAL
 BECAUSE THE TRUSTEE IS UNDER AN OBLIGATION OR  HAS  BEEN  INSTRUCTED  IN
 WRITING NOT TO DISCLOSE THE CONTENTS OF THE TRUST TO THE REPORTING INDI-
 VIDUAL.    THE  DIGITAL  ASSETS OF WHICH THE REPORTING INDIVIDUAL OR THE
 REPORTING INDIVIDUAL'S SPOUSE OR DOMESTIC PARTNER IS THE OWNER OF RECORD
 BUT IN WHICH SUCH INDIVIDUAL OR THE  REPORTING  INDIVIDUAL'S  SPOUSE  OR
 DOMESTIC  PARTNER  HAS  NO BENEFICIAL INTEREST SHALL NOT BE LISTED. ALSO
 LIST DIGITAL ASSETS OWNED FOR INVESTMENT PURPOSES BY A CORPORATION  MORE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD03465-07-3
 S. 5621--B                          2
 
 THAN FIFTY PERCENT (50%) OF THE STOCK OF WHICH IS OWNED OR CONTROLLED BY
 THE  REPORTING  INDIVIDUAL OR SUCH INDIVIDUAL'S SPOUSE OR DOMESTIC PART-
 NER.  FOR PURPOSES OF THIS SUBDIVISION, THE FOLLOWING TERMS  SHALL  HAVE
 THE FOLLOWING MEANINGS:
   (A)  "DIGITAL  ASSET" SHALL MEAN AN ASSET THAT IS ISSUED, TRANSFERRED,
 OR BOTH, USING DISTRIBUTED LEDGER OR BLOCKCHAIN  TECHNOLOGY,  INCLUDING,
 BUT  NOT LIMITED TO, DIGITAL CURRENCIES, DIGITAL COINS, DIGITAL NON-FUN-
 GIBLE TOKENS OR OTHER SIMILAR ASSETS.
   (B) "DIGITAL CURRENCY" SHALL MEAN ANY TYPE OF  DIGITAL  UNIT  THAT  IS
 USED AS A MEDIUM OF EXCHANGE OR A FORM OF DIGITALLY STORED VALUE. VIRTU-
 AL  CURRENCY  SHALL  BE  BROADLY  CONSTRUED  TO INCLUDE DIGITAL UNITS OF
 EXCHANGE THAT: (I) HAVE A CENTRALIZED REPOSITORY OR ADMINISTRATOR;  (II)
 ARE  DECENTRALIZED  AND HAVE NO CENTRALIZED REPOSITORY OR ADMINISTRATOR;
 OR (III) MAY BE CREATED OR  OBTAINED  BY  COMPUTING,  MANUFACTURING,  OR
 OTHER SIMILAR EFFORT.
   (C)  "DISTRIBUTED LEDGER OR BLOCKCHAIN TECHNOLOGY" SHALL MEAN A LEDGER
 OR DATABASE THAT STORES SHARED STATE BY MAINTAINING IT ACROSS  A  MULTI-
 PLICITY  OF  DEVICES  BELONGING  TO  DIFFERENT  ENTITIES AND SECURING IT
 THROUGH A COMBINATION OF CRYPTOGRAPHIC AND  CONSENSUS  PROTOCOLS,  WHERE
 THE  SHARED STATE SERVES TO AUTHENTICATE, RECORD, SHARE, AND/OR SYNCHRO-
 NIZE TRANSACTIONS INVOLVING DIGITAL ASSETS OR VIRTUAL CURRENCIES.
 
                                         CATEGORY OF
                                         MARKET VALUE
                                         AS OF THE CLOSE
                                         OF THE TAXABLE
                                         YEAR LAST
                                         OCCURRING
                                         PRIOR TO
   SELF/        TYPE OF                  THE FILING OF
   SPOUSE OR    DIGITAL ASSET            THIS STATEMENT
   DOMESTIC                              (IN TABLE II)
   PARTNER
 _______________________________________________________________________
 _______________________________________________________________________
 _______________________________________________________________________
 _______________________________________________________________________
 _______________________________________________________________________
   § 2. This act shall take effect on the first of January next  succeed-
 ing the date upon which it shall have become a law.

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Senate Bill S5621

Share this bill

Sponsored By

Rachel May

Current Bill Status - Signed by Governor

Bill Amendments

2023-S5621 - Details

2023-S5621 - Summary

2023-S5621 - Sponsor Memo

2023-S5621 - Bill Text download pdf

2023-S5621A - Details

2023-S5621A - Summary

2023-S5621A - Sponsor Memo

2023-S5621A - Bill Text download pdf

2023-S5621B (ACTIVE) - Details

2023-S5621B (ACTIVE) - Summary

2023-S5621B (ACTIVE) - Sponsor Memo

2023-S5621B (ACTIVE) - Bill Text download pdf

Comments