Bill Text: NY S05621 | 2023-2024 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2023-05-18 - SUBSTITUTED BY A2873A [S05621 Detail]
Download: New_York-2023-S05621-Introduced.html
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2023-05-18 - SUBSTITUTED BY A2873A [S05621 Detail]
Download: New_York-2023-S05621-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 5621 2023-2024 Regular Sessions IN SENATE 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: 1 Section 1. Subdivision 3 of section 73-a of the public officers law is 2 amended by adding a new paragraph 16-a to read as follows: 3 16-a. List below the type and market value of cryptocurrencies held by 4 the reporting individual or such individual's spouse in EXCESS of $1,000 5 at the close of the taxable year last occurring prior to the date of 6 filing. Whenever an interest in cryptocurrencies exists through a bene- 7 ficial interest in a trust, the cryptocurrencies held in such trust 8 shall be listed ONLY IF the reporting individual has knowledge thereof 9 except where the reporting individual or the reporting individual's 10 spouse has transferred assets to such trust for his or her benefit in 11 which event such cryptocurrencies shall be listed unless they are not 12 ascertainable by the reporting individual because the trustee is under 13 an obligation or has been instructed in writing not to disclose the 14 contents of the trust to the reporting individual. Cryptocurrencies of 15 which the reporting individual or the reporting individual's spouse is 16 the owner of record but in which such individual or the reporting indi- 17 vidual's spouse has no beneficial interest shall not be listed. Also 18 list cryptocurrencies owned for investment purposes by a corporation 19 more than fifty percent (50%) of the stock of which is owned or 20 controlled by the reporting individual or such individual's spouse. For 21 the purposes of this item the term "cryptocurrency" shall mean a digital 22 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. LBD03465-01-3S. 5621 2 1 ation of units and currency and verify the transfer of funds, operating 2 independently from a central bank. 3 Category of 4 Market Value 5 as of the close 6 of the taxable 7 year last 8 occurring 9 prior to 10 Self/ Type of the filing of 11 Spouse Cryptocurrency this statement 12 (In Table II) 13 _______________________________________________________________________ 14 _______________________________________________________________________ 15 _______________________________________________________________________ 16 _______________________________________________________________________ 17 _______________________________________________________________________ 18 § 2. This act shall take effect on the first of January next succeed- 19 ing the date upon which it shall have become a law.
