BILL NUMBER: S8214
SPONSOR: MYRIE
 
TITLE OF BILL:
An act to amend the public officers law, in relation to prohibiting
certain public officials and their families from engaging in unlawful
virtual currency business activities
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 provides the title of the bill, "Public Official Virtual
Currency Regulation Act".
Section 2 amends the Public Officers Law by creating a new section 73C,
which lists key definitions such as "Covered individual," "Covered
interest," "Covered Virtual Currency," "Fiat Currency," "Person,"
"Virtual Currency," and "Virtual Currency Business Activity." Addi-
tionally, it determines unlawful virtual currency business activity
along with the penalties of such actions.
Section 3 establishes the effective date
 
JUSTIFICATION:
Virtual currencies are a growing and critical part of our national and
international economies. While the regulatory framework governing these
virtual currencies evolves, it is important that we take the necessary
and immediate steps to prevent corrupt manipulation - or the appearance
of corrupt manipulation - of virtual currencies by public officials.
Public officials, particularly those with state- and nationwide juris-
diction, are entrusted with immense power to regulate virtual curren-
cies; they should not simultaneously benefit personally, directly or
indirectly.
This bill recognizes the growing risks and potential conflicts undis-
closed interests in digital assets pose to the integrity of our govern-
ment;particularly when those assets can be promoted, traded, or indi-
rectly influenced through regulatory or public communication channels
controlled or substantially influenced by public officials.This act aims
to safeguard impartiality in current and future regulation of virtual
currencies while eliminating the possibility that government decisions
are shaped by personal virtual currency holdings or hidden financial
incentives.
 
PRIOR LEGISLATIVE HISTORY:
New Bill.
 
FISCAL IMPLICATIONS:
To be determined
 
EFFECTIVE DATE:
This act shall take effect on the ninetieth day after it shall have
become a law.