New York A 8718: Enacts the "Public Official Virtual Currency Regulation Act"

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A08718 Summary:

BILL NOA08718 

&nbsp

SAME ASSAME AS S08214

&nbsp

SPONSORSimon

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §73-c, Pub Off L

&nbsp

Prohibits certain public officials and their families from engaging in unlawful virtual currency business activities.

Go to top A08718 Actions:

BILL NOA08718 

&nbsp

06/02/2025referred to governmental operations

01/07/2026referred to governmental operations

Go to topA08718 Committee&nbspVotes:

Go to topA08718 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA08718 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8718

 2025-2026 Regular Sessions

 IN ASSEMBLY

 June 2, 2025
 ___________

 Introduced by M. of A. SIMON -- read once and referred to the Committee
 on Governmental Operations

 AN ACT to amend the public officers law, in relation to prohibiting
 certain public officials and their families from engaging in unlawful
 virtual currency business activities

 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 "Public Official Virtual Currency Regulation Act".
 3 § 2. The public officers law is amended by adding a new section 73-c
 4 to read as follows:
 5 § 73-c. Public official virtual currency regulation act. 1. Defi-
 6 nitions. As used in this section, the following terms shall have the
 7 following meanings:
 8 (a) "Covered Individual" means the governor of the state of New York,
 9 the lieutenant governor of the state of New York, the comptroller of the
 10 state of New York, and the attorney general of the state of New York,
 11 person holding the office of president of the United States, or any
 12 spouse, domestic partner, child, dependent, sibling, or parent of any
 13 such official.
 14 (b) "Covered interest" means: (i) an entitlement to the proceeds or a
 15 portion thereof, of the sale or exchange by a third-party of a virtual
 16 currency, including but not limited to a fee for such sale or exchange;
 17 (ii) an agreement to receive compensation, whether monetary or in-kind,
 18 in exchange for the endorsement, sponsorship, or promotion of a virtual
 19 currency; or (iii) ownership of or entitlement to an amount of a virtual
 20 currency equal to or greater than five percent of the total amount of
 21 such currency that is available for purchase, sale, or exchange.
 22 (c) "Covered virtual currency" means a virtual currency in which a
 23 covered individual has a covered interest, regardless of whether such
 24 interest is direct, indirect, or beneficial.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD13203-01-5

 A. 8718 2

 1 (d) "Fiat currency" means government-issued currency that is desig-
 2 nated as legal tender in its country of issuance through government
 3 decree, regulation, or law.
 4 (e) "Person" means an individual, partnership, corporation, associ-
 5 ation, joint stock association, trust, or other entity, however organ-
 6 ized.
 7 (f) "Virtual currency" means any type of digital unit that is issued
 8 as a medium of exchange or a form of digitally stored value. Virtual
 9 currency:
 10 (i) shall be broadly construed to include digital units of exchange
 11 that:
 12 (A) have a centralized repository or administrator;
 13 (B) are decentralized and have no centralized repository or adminis-
 14 trator; or
 15 (C) may be created or obtained by computing or manufacturing effort;
 16 and
 17 (ii) shall not be construed to include:
 18 (A) digital units that: (1) are used solely within online gaming plat-
 19 forms; (2) have no market or application outside those gaming platforms;
 20 (3) cannot be converted into or redeemed for, fiat currency or virtual
 21 currency; and (4) may or may not be redeemable for real-world goods,
 22 services, discounts, or purchase;
 23 (B) digital units that can be redeemed for goods, services, discounts,
 24 or purchases as part of a customer affinity or rewards program with the
 25 issuer and/or other designated merchants or can be redeemed for digital
 26 units in another customer affinity or rewards program, but cannot be
 27 converted into, or redeemed for,