New York S 5473: Requires certain disclosures in advertisements involving virtual tokens

Bill Text

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S05473 Summary:

BILL NOS05473 

&nbsp

SAME ASSAME AS A00391

&nbsp

SPONSORCOMRIE

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §410, Fin Serv L

&nbsp

Requires certain disclosures by a developer of virtual tokens in advertisements involving such virtual tokens; provides restrictions concerning advertising.

Go to top S05473 Actions:

BILL NOS05473 

&nbsp

02/21/2025REFERRED TO BANKS

05/20/20251ST REPORT CAL.1172

05/21/20252ND REPORT CAL.

05/22/2025ADVANCED TO THIRD READING 

06/13/2025COMMITTED TO RULES

01/07/2026REFERRED TO BANKS

01/28/20261ST REPORT CAL.188

01/29/20262ND REPORT CAL.

02/03/2026ADVANCED TO THIRD READING 

06/02/2026SUBSTITUTED BY A391

&nbspA00391 AMEND= Vanel

&nbsp01/08/2025referred to science and technology

&nbsp05/06/2025reported referred to codes

&nbsp05/13/2025reported 

&nbsp05/15/2025advanced to third reading cal.140

&nbsp05/19/2025passed assembly

&nbsp05/19/2025delivered to senate

&nbsp05/19/2025REFERRED TO BANKS

&nbsp01/07/2026DIED IN SENATE

&nbsp01/07/2026RETURNED TO ASSEMBLY

&nbsp01/07/2026ordered to third reading cal.14

&nbsp01/12/2026passed assembly

&nbsp01/12/2026delivered to senate

&nbsp01/12/2026REFERRED TO BANKS

&nbsp06/02/2026SUBSTITUTED FOR S5473

&nbsp06/02/20263RD READING CAL.188

&nbsp06/02/2026PASSED SENATE

&nbsp06/02/2026RETURNED TO ASSEMBLY

Go to topS05473 Committee&nbspVotes:

Go to topS05473 Floor&nbspVotes:

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

Go to topS05473 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5473

 2025-2026 Regular Sessions

 IN SENATE

 February 21, 2025
 ___________

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

 AN ACT to amend the financial services law, in relation to requiring
 certain disclosures in advertisements involving virtual tokens

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

 1 Section 1. The financial services law is amended by adding a new
 2 section 410 to read as follows:
 3 § 410. Restrictions concerning advertising. (a) No person shall, in
 4 any manner, advertise, print, display, publish, distribute, or broad-
 5 cast, or cause or permit to be advertised, printed, displayed,
 6 published, distributed, or broadcasted, any statement or representation
 7 with regard to any virtual token for consideration without disclosing
 8 the amount of consideration, whether past or prospective, direct or
 9 indirect, and the nature thereof.
 10 (b) No person shall, in any manner, advertise, print, display,
 11 publish, distribute, or broadcast, or cause or permit to be advertised,
 12 printed, displayed, published, distributed, or broadcasted, any state-
 13 ment or representation with regard to any virtual token or other finan-
 14 cial product or service if such statement or representation is, in any
 15 manner, false, misleading or deceptive.
 16 (c) For the purposes of this section and without limiting subsections
 17 (a) and (b) of this section, a statement or representation shall be
 18 false, misleading and deceptive if it states or implies, directly or
 19 indirectly, that a person is authorized legally to offer or provide in
 20 New York state or to New York state residents a virtual token or other
 21 financial product or service, and such person is not so authorized.
 22 (d) For the purposes of this section, "virtual token" shall mean any
 23 interchangeable or non-interchangeable unit of data that is stored on
 24 any blockchain ledger which shall include, among other digital units
 25 that the superintendent determines to be virtual tokens in accordance

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01910-01-5

 S. 5473 2

 1 with this definition, cryptocurrencies, virtual currencies, digital
 2 assets and digital tokens, whether fungible or non-fungible. "Virtual
 3 token" shall not be construed to include any of the following:
 4 (A) digital units that:
 5 (i) are used solely within online gaming platforms;
 6 (ii) have no market or application outside of those gaming plat-
 7 forms;
 8 (iii) cannot be converted into, or redeemed for, fiat currency or
 9 virtual currency; and
 10