Cryptocurrencies have dominated the news recently, including the highest percentage loss of value that bitcoin has seen all year. Blockchain, the decentralized network facilitating and verifying cryptocurrency transactions, is a potent technology the makes possible a currency without a central bank.
A New York Aseemblyman has proposed legislation related to the validity of blockchain transactions. One bill would modify New York law to permit records and contracts secured through blockchain technology to be considered enforceable electronic records. The bill is similar to currently existing laws in states such as Arizona and Nevada.
Additional bills have been proposed that would, in part: (i) assess the practical applications of blockchain, including the creation of a digital currency task force that would assess the effects of digital currencies on financial markets; (ii) evaluate how blockchain technology may be used in state recordkeeping and information storage; and (iii) call for the state board of elections to evaluate how blockchain technology may be used to protect voter records and election results.
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Richard B. Newman is an Internet marketing compliance and regulatory defense attorney at Hinch Newman LLP focusing on advertising and digital media matters. His practice includes conducting legal compliance reviews of advertising campaigns, representing clients in investigations and enforcement actions brought by the Federal Trade Commission and state Attorneys General, commercial litigation, advising clients on promotional marketing programs, and negotiating and drafting legal agreements.
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