Bill Text: NY A01052 | 2023-2024 | General Assembly | Introduced

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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 1-0)

Status: (Introduced) 2024-01-03 - referred to ways and means [A01052 Detail]

Download: New_York-2023-A01052-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1052

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 13, 2023
                                       ___________

        Introduced  by M. of A. VANEL -- read once and referred to the Committee
          on Economic Development

        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
    23  purposes of this subdivision "distributed  ledger  technology"  means  a
    24  mathematically   secured,  chronological,  and  decentralized  consensus

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03767-01-3
        A. 1052                             2

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