Blockchain Bills Are Advancing in the New York State Senate

Published on by Coindesk | Published on

N.Y. State Sen. Diane Savino proposed a pair of blockchain bills to bolster the Empire State's understanding and use of the nascent technology.

ALBANY, N.Y. - The New York State Senate will be considering two bills that would bolster the use and development of blockchain tech in the Empire State.

The first bill, S4142, would recognize blockchain-based records and contracts as electronic signatures under state law, giving them legal clout.

Introduced by Senator Diane Savino and approved by the Internet and Technology Committee, which she chairs, after a hearing Tuesday, the bills next go to the full Senate for a vote.

If passed, the measures will move to the New York State Assembly for consideration.

"By embracing the blockchain tech and the digitized ledger, you're opening up the state to many possibilities."

The bills have been tried in the state legislature before, according to Barbara O'Neill, senior adviser to Savino.

Both bills were introduced, in various iterations, during the 2017-2018 legislative session, part of the early efforts by Savino's committee to bring more high-tech legislative initiatives to the state government.

The 2019 committee launch helped the Senate streamline all forms of internet-related legislative actions, including those related to blockchain.

The New York State Assembly has no full committee for internet and technology although it does have a subcommittee, chaired by blockchain proponent Assemblyman Clyde Vanel, which must refer all approved legislation to another committee.