Bill
Bill > S08839
NY S08839
NY S08839Establishes the offenses of virtual token fraud, illegal rug pulls, private key fraud and fraudulent failure to disclose interest in virtual tokens.
summary
Introduced
04/22/2022
04/22/2022
In Committee
04/22/2022
04/22/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
Establishes the offenses of virtual token fraud, illegal rug pulls, private key fraud and fraudulent failure to disclose interest in virtual tokens.
AI Summary
This bill establishes several new offenses related to virtual tokens, including "virtual token fraud," "illegal rug pulls," "private key fraud," and "fraudulent failure to disclose interest in virtual tokens." It defines key terms like "virtual tokens," "security tokens," "stablecoins," and "developer." The bill sets penalties for violations, including civil fines of up to $5 million or imprisonment of up to 20 years. The bill is aimed at protecting investors and consumers from fraudulent practices in the virtual token market.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
REFERRED TO CODES (on 04/22/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/S8839 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S08839&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S08839 |
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