A11616 Summary:
| BILL NO | A11616 |
| SAME AS | No Same As |
| SPONSOR | Rules (Powers) |
| COSPNSR | |
| MLTSPNSR | |
| Add §390-f, Gen Bus L | |
| Regulates certain bounty websites which offer meme currency in exchange for completing tasks are consistent with New York state law; defines "meme currency"; authorizes the attorney general to ensure bounty websites are compliant with the law. | |
A11616 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 11616 IN ASSEMBLY July 29, 2026 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Powers) -- read once and referred to the Committee on Science and Technology AN ACT to amend the general business law, in relation to regulating certain covered platforms which offer bounties in exchange for meme currency The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The general business law is amended by adding a new section 2 390-f to read as follows: 3 § 390-f. Bounty website regulation. 1. For the purposes of this 4 section, the following terms shall have the following meanings: 5 (a) "Bounty" shall mean a unilateral task posted by a user requesting 6 another user complete a task in exchange for something of value. For the 7 purposes of this section, "something of value" shall include meme 8 currency. 9 (b) "Covered platform" shall mean a public or semipublic internet- 10 based service or application that has users in New York state and offers 11 the trading of meme currencies in exchange for completing a bounty post- 12 ed by a user. 13 (c) "Meme currency" shall mean a category of cryptocurrency that 14 derives its perceived value primarily from internet culture, social 15 media promotion, and speculative trading rather than any underlying 16 utility or technological innovation. 17 2. Any covered platform which has a system where users can offer a 18 bounty to other users in exchange for a meme currency shall be required 19 to remove any such bounty that requires a person to violate any New York 20 state labor law or penal law in order to receive such meme currency. 21 Such covered platform shall take immediate steps to remove such bounty 22 upon notice that a bounty violates applicable labor or penal laws in the 23 state of New York. 24 3. A violation of this section shall be punishable by a civil penalty 25 not to exceed one thousand dollars. Any subsequent violation shall be 26 punishable by a civil penalty not to exceed five thousand dollars. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD16130-01-6A. 11616 2 1 4. The attorney general shall promulgate such rules and regulations as 2 are necessary to effectuate and enforce the provisions of this article. 3 The attorney may bring an action against a covered platform to remedy 4 violations of this section and for other relief as may be appropriate. 5 § 2. This act shall take effect on the one hundred twentieth day after 6 it shall have become a law.