Progressive Blockchain Technology Legislation Proposed by New York Assemblyman

December 22, 2017 / Richard B. Newman

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.

The proposed bills can be seen here, here, here and here.

If you are interested in learning more about this topic and its implications, email the author at rnewman@hinchnewman.com.

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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Richard B. Newman

Richard B. Newman is a nationally recognized FTC advertising compliance, CID investigation and regulatory enforcemetn attorney. He regularly provides advertising counsel and represents clients in high-profile investigations and enforcement proceedings initiated by the Federal Trade Commission, state attorneys general, departments of consumer affairs, and other federal and state agencies with jurisdiction over advertising and marketing practices. Richard is also an ecommerce lawyer and spam defense attorney. His practice additionally focuses upon false advertising defense, data privacy, cybersquatting, intellectual property law and transactional matters relating to the dissemination of national advertising campaigns, including the gamut of affiliate marketing, telemarketing, lead generation, list management and licensing agreements. Richard advises clients on how to minimize the legal risks associated with digital marketing, email marketing, telemarketing, social media influencer campaigns, endorsements and testimonials, negative option marketing models, native advertising, online promotions and comparative advertising,

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