Bill Text: NY S06037 | 2019-2020 | General Assembly | Amended

---

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 2-0)

Status: (Engrossed - Dead) 2020-02-25 - referred to ways and means [S06037 Detail]

Download: New_York-2019-S06037-Amended.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                         6037--A

                               2019-2020 Regular Sessions

                    IN SENATE

                                      May 16, 2019
                                       ___________

        Introduced  by  Sen.  SAVINO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Commerce, Economic  Devel-
          opment  and  Small  Business  --  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
    22  includes  new  media as defined by the commissioner in regulations.  For

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01308-03-9
        S. 6037--A                          2

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