Bill > A08718

This bill introduces the "Public Official Virtual Currency Regulation Act" to prohibit certain high-ranking public officials and their family members from engaging in virtual currency business activities. The bill defines "covered individuals" as the Governor, Lieutenant Governor, Comptroller, Attorney General of New York, President of the United States, and their immediate family members. It establishes comprehensive definitions for virtual currency, including various types of digital exchange units, and outlines what constitutes "virtual currency business activity," such as transferring, storing, buying, selling, or issuing virtual currencies. The legislation specifically bars these covered individuals from having a "covered interest" in virtual currencies, which includes owning 5% or more of a currency, receiving proceeds from currency sales, or accepting compensation for endorsing a virtual currency. Violations of this prohibition can result in civil penalties of up to $5,000 per day for standard infractions and up to $50,000 per day for willful or knowing violations. The bill aims to prevent potential conflicts of interest and unethical financial activities by public officials in the emerging digital currency marketplace, with the law set to take effect 90 days after its passage.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A8718