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NY A08103
Bill
Status
4/30/2025
Primary Sponsor
Clyde Vanel
Click for details
AI Summary
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Adds legal definitions to state technology law for "blockchain technology" (distributed ledger technology using cryptography that is immutable and auditable) and "smart contracts" (event-driven programs that run on distributed ledgers and can transfer assets)
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Establishes that signatures secured through blockchain technology qualify as electronic signatures under state law
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Recognizes records and contracts secured through blockchain technology as valid electronic records
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Prohibits contracts from being denied legal effect, validity, or enforceability solely because they contain smart contract terms
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Preserves ownership and use rights for persons who secure their information using blockchain technology, unless a transaction expressly transfers those rights
Legislative Description
Allows signatures, records and contracts secured through blockchain technology to be considered in an electronic form and to be an electronic record and signature; allows smart contracts to exist in commerce.
Last Action
referred to governmental operations
1/7/2026