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NY S05473
Bill
Status
2/21/2025
Primary Sponsor
Leroy Comrie
Click for details
AI Summary
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Requires anyone advertising virtual tokens to disclose the amount and nature of any compensation received, whether past or prospective, direct or indirect
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Prohibits false, misleading, or deceptive statements in advertisements for virtual tokens or other financial products and services
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Makes it automatically deceptive to imply authorization to offer virtual tokens or financial services in New York when the person is not legally authorized to do so
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Defines "virtual token" broadly to include cryptocurrencies, virtual currencies, digital assets, and digital tokens stored on blockchain ledgers, whether fungible or non-fungible
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Excludes from the definition gaming platform currencies that cannot be converted to real currency, customer rewards/affinity program points, and prepaid card digital units
Legislative Description
Requires certain disclosures by a developer of virtual tokens in advertisements involving such virtual tokens; provides restrictions concerning advertising.
Last Action
ADVANCED TO THIRD READING
2/3/2026