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ARTICLE · 20 DECEMBER 2017

Four Blockchain Technology Bills Proposed By New York Assemblyman

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The second, NY A08783, would create a task force to analyze the impact of virtual currencies on the state's financial markets.

United StatesTechnology
Nicole Kramer
Nicole Kramer
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New York Assemblyman Clyde Vanel has introduced proposals in the state legislature for four laws which, if passed, could transform how the State of New York interacts with and views blockchain technology.

The first proposal, NY A08780, would amend the state's technology law to allow for signatures obtained via blockchain technology to be recognized as valid electronic signatures, and for smart contracts to operate in commerce by defining a record or contract secured through blockchain technology as an electronic record. This is similar to efforts in other states (see, for example, a law recently enacted by Arizona on this issue).

The second, NY A08783, would create a task force to analyze the impact of virtual currencies on the state's financial markets. One component of this analysis, as noted in the text of the proposed bill, would be the review of the State's Department of Financial Services' BitLicense program and its impact on the use of digital currencies.

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