New York A 6461: Provides for the development and creation of distributed ledger technology and business entities that develop such technology

Bill Text

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A06461 Summary:

BILL NOA06461 

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SAME ASNo Same As

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SPONSORVanel

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COSPNSR

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MLTSPNSR

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Amd §§352 & 354, Ec Dev L

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Relates to the development and creation of distributed ledger technology, which is a mathematically secured, chronological, and decentralized consensus ledger or database, whether maintained via internet interaction, peer-to-peer network, or otherwise used to authenticate, record, share and synchronize transactions in their respective electronic ledgers or databases, and business entities that develop distributed ledger technology.

Go to top A06461 Actions:

BILL NOA06461 

&nbsp

03/05/2025referred to economic development

01/07/2026referred to economic development

Go to topA06461 Committee&nbspVotes:

Go to topA06461 Floor&nbspVotes:

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

Go to topA06461 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6461

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 5, 2025
 ___________

 Introduced by M. of A. VANEL -- read once and referred to the Committee
 on Economic Development

 AN ACT to amend the economic development law, in relation to the devel-
 opment and creation of distributed ledger technology and business
 entities that develop such technology

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subdivisions 8 and 23 of section 352 of the economic devel-
 2 opment law, as amended by section 1 of part K of chapter 59 of the laws
 3 of 2017, are amended to read as follows:
 4 8. "Financial services data centers or financial services customer
 5 back office operations" means operations that manage the data or
 6 accounts of existing customers or provide product or service information
 7 and support to customers of financial services companies, including
 8 banks, other lenders, securities and commodities brokers and dealers,
 9 investment banks, portfolio managers, trust offices, [and] insurance
 10 companies, and financial technology companies that develop distributed
 11 ledger technology. For purposes of this subdivision "distributed ledger
 12 technology" means a mathematically secured, chronological, and decen-
 13 tralized consensus ledger or database, whether maintained via internet
 14 interaction, peer-to-peer network, or otherwise used to authenticate,
 15 record, share and synchronize transactions in their respective electron-
 16 ic ledgers or databases.
 17 23. "Software development" means the creation of distributed ledger
 18 technology, coded computer instructions or production or post-production
 19 of video games, as defined in subdivision one-a of section six hundred
 20 eleven of the general business law, other than those embedded and used
 21 exclusively in advertising, promotional websites or microsites, and also
 22 includes new media as defined by the commissioner in regulations. For
 23 purposes of this subdivision "distributed ledger technology" means a
 24 mathematically secured, chronological, and decentralized consensus

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10150-01-5

 A. 6461 2

 1 ledger or database, whether maintained via internet interaction, peer-
 2 to-peer network, or otherwise used to authenticate, record, share and
 3 synchronize transactions in their respective electronic ledgers or data-
 4 bases.
 5 § 2. Section 354 of the economic development law is amended by adding
 6 a new subdivision 6 to read as follows:
 7 6. The commissioner shall strive to ensure that there is participation
 8 on a broad regional geographic basis within the program and outreach to
 9 all eligible industries defined in section three hundred fifty-two of
 10 this article. The commissioner shall also promote diverse ownership and
 11 workforces of participating businesses through outreach to businesses
 12 owned by people with disabilities as defined under subdivision twenty-
 13 one of section two hundred ninety-two of the executive law or subdivi-
 14 sions three and twenty-two of section 1.03 of the the mental hygiene
 15 law, minority- and women-owned businesses and veteran-owned businesses
 16 in those industries where their particip