Bill > S08214

This bill creates the "Public Official Virtual Currency Regulation Act" which prohibits certain high-ranking public officials (including the governor, lieutenant governor, state comptroller, attorney general, and U.S. president) and their family members from engaging in virtual currency business activities related to specific cryptocurrencies in which they have a significant financial interest. The bill broadly defines "virtual currency" as any digital unit used as a medium of exchange, including both centralized and decentralized cryptocurrencies, while excluding certain digital units like online gaming currencies and reward program points. Virtual currency business activities are defined comprehensively to include transferring, storing, buying/selling, exchanging, and issuing cryptocurrencies. The law imposes civil penalties of up to $5,000 per day for violations, which can increase to $50,000 per day for willful or knowing violations. Notably, the prohibition applies not only to current virtual currency activities but also to past activities that occurred before or during the official's time in office. The bill aims to prevent potential conflicts of interest and protect the integrity of public officials by restricting their involvement in cryptocurrency transactions.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S8214