Bill Text: NY A01398 | 2019-2020 | General Assembly | Amended

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Bill Title: Relates to the development and creation of distributed ledger technology, which is a mathematically secured, chronological, and decentralized consensus ledger or database, whether maintained via internet interaction, peer-to-peer network, or otherwise used to authenticate, record, share and synchronize transactions in their respective electronic ledgers or databases, and business entities that develop distributed ledger technology.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A01398 Detail]

Download: New_York-2019-A01398-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         1398--A

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                    January 15, 2019
                                       ___________

        Introduced  by  M.  of  A.  VANEL,  SCHIMMINGER, STIRPE -- read once and
          referred to the Committee on  Economic  Development  --  reported  and
          referred  to  the Committee on Ways and Means -- committee discharged,
          bill amended, ordered reprinted as amended  and  recommitted  to  said
          committee

        AN  ACT to amend the economic development law, in relation to the devel-
          opment and creation of  distributed  ledger  technology  and  business
          entities that develop such technology

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivisions 8 and 23 of section 352 of the economic devel-
     2  opment law, as amended by section 1 of part K of chapter 59 of the  laws
     3  of 2017, are amended to read as follows:
     4    8.  "Financial  services  data  centers or financial services customer
     5  back office  operations"  means  operations  that  manage  the  data  or
     6  accounts of existing customers or provide product or service information
     7  and  support  to  customers  of  financial services companies, including
     8  banks, other lenders, securities and commodities  brokers  and  dealers,
     9  investment  banks,  portfolio  managers,  trust offices, [and] insurance
    10  companies, and financial technology companies that  develop  distributed
    11  ledger  technology. For purposes of this subdivision "distributed ledger
    12  technology" means a mathematically secured,  chronological,  and  decen-
    13  tralized  consensus  ledger or database, whether maintained via internet
    14  interaction, peer-to-peer network, or otherwise  used  to  authenticate,
    15  record, share and synchronize transactions in their respective electron-
    16  ic ledgers or databases.
    17    23.  "Software  development"  means the creation of distributed ledger
    18  technology, coded computer instructions or production or post-production
    19  of video games, as defined in subdivision one-a of section  six  hundred
    20  eleven  of  the general business law, other than those embedded and used
    21  exclusively in advertising, promotional websites or microsites, and also

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01308-02-9
        A. 1398--A                          2

     1  includes new media as defined by the commissioner in regulations.    For
     2  purposes  of  this  subdivision  "distributed ledger technology" means a
     3  mathematically  secured,  chronological,  and  decentralized   consensus
     4  ledger  or  database, whether maintained via internet interaction, peer-
     5  to-peer network, or otherwise used to authenticate,  record,  share  and
     6  synchronize transactions in their respective electronic ledgers or data-
     7  bases.
     8    §  2. Section 354 of the economic development law is amended by adding
     9  a new subdivision 6 to read as follows:
    10    6. The commissioner shall strive to ensure that there is participation
    11  on a broad regional geographic basis within the program and outreach  to
    12  all  eligible  industries  defined in section three hundred fifty-two of
    13  this article. The commissioner shall also promote diverse ownership  and
    14  workforces  of  participating  businesses through outreach to businesses
    15  owned by people with disabilities as defined under  subdivision  twenty-
    16  one  of  section two hundred ninety-two of the executive law or subdivi-
    17  sions three and twenty-two of section 1.03 of  the  the  mental  hygiene
    18  law,  minority-  and women-owned businesses and veteran-owned businesses
    19  in those industries where their participation is  not  currently  preva-
    20  lent.
    21    § 3. This act shall take effect immediately.