S08136 Summary:

BILL NOS08136A
 
SAME ASSAME AS A09507
 
SPONSORSANDERS
 
COSPNSRWEBB
 
MLTSPNSR
 
 
Establishes the New York state cryptocurrency and blockchain study task force to provide the governor and the legislature with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems, including but not limited to blockchain technology, in the state.
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S08136 Actions:

BILL NOS08136A
 
01/09/2024REFERRED TO BANKS
03/05/20241ST REPORT CAL.589
03/06/20242ND REPORT CAL.
03/11/2024ADVANCED TO THIRD READING
03/12/2024AMENDED ON THIRD READING 8136A
05/15/2024PASSED SENATE
05/15/2024DELIVERED TO ASSEMBLY
05/16/2024referred to ways and means
05/30/2024substituted for a9507
05/30/2024ordered to third reading rules cal.268
06/05/2024passed assembly
06/05/2024returned to senate
11/15/2024DELIVERED TO GOVERNOR
11/22/2024VETOED MEMO.67
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S08136 Committee Votes:

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S08136 Floor Votes:

DATE:06/05/2024Assembly Vote  YEA/NAY: 139/6
Yes
Alvarez
Yes
Byrnes
Yes
Fall
No
Kelles
Yes
Otis
Yes
Simpson
Yes
Anderson
Yes
Carroll
Yes
Fitzpatrick
Yes
Kim
Yes
Palmesano
Yes
Slater
Yes
Angelino
Yes
Chandler-Waterm
Yes
Flood
Yes
Lavine
Yes
Paulin
Yes
Smith
Yes
Ardila
Yes
Chang
Yes
Forrest
Yes
Lee
Yes
Peoples-Stokes
Yes
Smullen
Yes
Aubry
Yes
Clark
Yes
Friend
Yes
Lemondes
Yes
Pheffer Amato
Yes
Solages
Yes
Barclay
Yes
Colton
Yes
Gallagher
Yes
Levenberg
Yes
Pirozzolo
No
Steck
Yes
Barrett
Yes
Conrad
Yes
Gallahan
ER
Lucas
Yes
Pretlow
Yes
Stern
Yes
Beephan
Yes
Cook
Yes
Gandolfo
Yes
Lunsford
Yes
Ra
Yes ‡
Stirpe
Yes
Bendett
Yes
Cruz
Yes
Gibbs
Yes
Lupardo
Yes
Raga
Yes
Tague
Yes
Benedetto
Yes
Cunningham
Yes
Giglio JA
Yes
Magnarelli
Yes
Rajkumar
Yes
Tannousis
Yes
Berger
Yes
Curran
Yes
Giglio JM
ER
Maher
Yes
Ramos
Yes
Tapia
Yes
Bichotte Hermel
Yes
Dais
Yes
Glick
Yes
Mamdani
Yes
Reilly
Yes
Taylor
Yes
Blankenbush
Yes
Darling
No
Gonzalez-Rojas
Yes
Manktelow
Yes
Reyes
Yes
Thiele
Yes
Blumencranz
Yes
Davila
Yes
Goodell
Yes
McDonald
Yes
Rivera
Yes
Vanel
Yes
Bores
Yes
De Los Santos
Yes
Gray
Yes ‡
McDonough
Yes
Rosenthal
Yes
Walker
Yes
Brabenec
Yes
DeStefano
Yes
Gunther
Yes
McGowan
Yes
Rozic
Yes
Wallace
Yes
Braunstein
ER
Dickens
Yes
Hawley
Yes
McMahon
Yes
Santabarbara
Yes
Walsh
Yes
Bronson
Yes
Dilan
Yes
Hevesi
Yes
Meeks
Yes
Sayegh
Yes
Weinstein
Yes
Brook-Krasny
Yes
Dinowitz
Yes
Hunter
Yes
Mikulin
Yes
Seawright
Yes
Weprin
Yes
Brown EA
Yes
DiPietro
Yes
Hyndman
Yes
Miller
Yes
Septimo
No
Williams
Yes
Brown K
Yes
Durso
ER
Jackson
Yes
Mitaynes
Yes
Shimsky
No
Woerner
Yes
Burdick
Yes
Eachus
Yes
Jacobson
Yes
Morinello
Yes
Shrestha
Yes
Zaccaro
Yes
Burgos
Yes
Eichenstein
Yes
Jean-Pierre
Yes
Norris
Yes
Sillitti
Yes
Zebrowski
Yes
Burke
No
Epstein
Yes
Jensen
Yes
Novakhov
Yes
Simon
Yes
Zinerman
Yes
Buttenschon
Yes
Fahy
Yes
Jones
ER
O'Donnell
Yes
Simone
Yes
Mr. Speaker

‡ Indicates voting via videoconference
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S08136 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         8136--A
            Cal. No. 589
 
                    IN SENATE
 
                                     January 9, 2024
                                       ___________
 
        Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks -- reported  favora-
          bly  from  said committee, ordered to first and second report, ordered
          to a third reading, amended and ordered reprinted, retaining its place
          in the order of third reading

        AN ACT in relation to establishing the New York state cryptocurrency and
          blockchain study task force; and providing  for  the  repeal  of  such
          provisions upon expiration thereof
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Short title. This act shall be known and may  be  cited  as
     2  the "New York state cryptocurrency and blockchain study act".
     3    § 2. There is hereby established the New York state cryptocurrency and
     4  blockchain  study  task  force  (hereinafter  referred  to  as "the task
     5  force") to provide the governor and the legislature with information  on
     6  the effects of the widespread use of cryptocurrencies and other forms of
     7  digital currencies and their ancillary systems, including but not limit-
     8  ed to blockchain technology, in the state.
     9    § 3. 1. The task force shall consist of seventeen members as follows:
    10    a.  seven  members  appointed by the governor, which shall include the
    11  following five members:
    12    i. the superintendent of the department of financial services, or such
    13  superintendent's designee;
    14    ii. the commissioner of the department of environmental  conservation,
    15  or such commissioner's designee;
    16    iii. a representative from the financial services industry;
    17    iv.  a  representative from a state or national organization promoting
    18  environmental conservation; and
    19    v. a representative who is a faculty member of an  accredited  college
    20  or university in New York state with experience in economic studies.
    21    b.  the  comptroller  of  the  state of New York, or the comptroller's
    22  designee;
    23    c. four members appointed by the temporary president of the senate;
    24    d. four members appointed by the speaker of the assembly; and
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03808-05-4

        S. 8136--A                          2
 
     1    e. the attorney general of the state of  New  York,  or  the  attorney
     2  general's designee.
     3    2.  To  the  extent  practicable,  members appointed to the task force
     4  shall have relevant experience  and  knowledge  concerning  the  digital
     5  currency, cryptocurrency and blockchain industries.
     6    3.  The  members  of  the task force shall receive no compensation for
     7  their services, but shall be allowed their actual and necessary expenses
     8  incurred in the performance of their duties pursuant to this act.
     9    4. Any vacancies in the membership of the task force shall  be  filled
    10  in the same manner provided for in the initial appointment.
    11    5.  The task force may consult with any organization, government enti-
    12  ty, or person, in the development of its report required  under  section
    13  four of this act.
    14    6.  The  members  of  the  task force shall be appointed no later than
    15  ninety days after the effective date of this act.
    16    § 4. On or before December 15, 2026, the task force  shall  submit  to
    17  the  governor,  the temporary president of the senate and the speaker of
    18  the assembly a report containing, but  not  limited  to,  the  following
    19  information based on available data:
    20    a.  a  review  of  the digital currency, cryptocurrency and blockchain
    21  industries in New York state;
    22    b. the number of digital currencies currently being traded  and  their
    23  approximate percentage of market share;
    24    c. the number of exchanges operating in New York state and their aver-
    25  age monthly trade volume;
    26    d.  the  use  of  digital  currencies'  impact  on state and local tax
    27  receipts;
    28    e. the types of  investment  entities  that  are  large  investors  in
    29  digital currency;
    30    f.  the  energy  consumption  necessary for coin mining operations and
    31  other policy considerations related thereto;
    32    g. the environmental impact of coin mining operations;
    33    h. the transparency  of  the  digital  currency  marketplace  and  the
    34  related potential of market manipulation and other illegal activities;
    35    i.  a review of laws and regulations on digital currency used by other
    36  states, the federal government, foreign countries, and foreign political
    37  and economic unions to regulate the marketplace; and
    38    j. legislative and regulatory recommendations,  if  any,  to  increase
    39  transparency  and security, enhance consumer protections, and to address
    40  the long-term impact related to the use of cryptocurrency.
    41    § 5. This act shall take effect immediately and shall expire  December
    42  15,  2026 when upon such date the provisions of this act shall be deemed
    43  repealed.
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