Bill Text: NY S07272 | 2021-2022 | General Assembly | Introduced

---

Bill Title: Relates to reporting of cryptocurrency holdings on the annual statement of financial disclosure filed with the legislative ethics commission or the joint commission on public ethics.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2022-06-03 - COMMITTED TO RULES [S07272 Detail]

Download: New_York-2021-S07272-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                          7272

                               2021-2022 Regular Sessions

                    IN SENATE

                                      July 2, 2021
                                       ___________

        Introduced  by  Sen.  MAY  --  read  twice and ordered printed, and when
          printed to be committed to the Committee on Rules

        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-
    23  ation of units and currency and verify the transfer of funds,  operating
    24  independently from a central bank.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11844-01-1
        S. 7272                             2

     1                                          Category of
     2                                          Market Value
     3                                          as of the close
     4                                          of the taxable
     5                                          year last
     6                                          occurring
     7                                          prior to
     8    Self/        Type of                  the filing of
     9    Spouse       Cryptocurrency           this statement
    10                                          (In Table II)
    11  _______________________________________________________________________
    12  _______________________________________________________________________
    13  _______________________________________________________________________
    14  _______________________________________________________________________
    15  _______________________________________________________________________
    16    §  2. This act shall take effect on the first of January next succeed-
    17  ing the date upon which it shall have become a law.