SB 97: Digital financial assets: stablecoins.

Official summary

Legislative Counsel’s Digest (official, as of the latest version). Written by nonpartisan legislative staff; reproduced verbatim.

(1)Existing law, the Digital Financial Assets Law, prohibits a person, on or after July 1, 2026, from engaging in digital financial asset business activity, or holding itself out as being able to engage in digital financial asset business activity, with, or on behalf of, a resident, unless any of certain criteria are met, including that the person is licensed with the Department of Financial Protection and Innovation, as prescribed, or the person submits an application on or before July 1, 2026, and is awaiting approval or denial of that application.

This bill would revise the above-described latter criterion to specify that the person submits a completed application, as provided.

The Digital Financial Assets Law authorizes the Commissioner of Financial Protection and Innovation to issue a conditional license to an applicant who holds or maintains a license to conduct virtual currency business activity in the State of New York, as specified, provided the license was issued or approved no later than January 1, 2023.

This bill would revise the above-described authorization to require that the license be issued or approved no later than January 1, 2025.

(2)The Digital Financial Assets Law defines “digital financial asset business activity” to mean any of specified activities, including, among others, exchanging, transferring, or storing a digital financial asset, as specified, or exchanging one or more digital representations of value used within one or more online games, game platforms, or family of games, as provided.

This bill would remove exchanging one or more digital representations of value used within one or more online games, game platforms, or family of games from the definition of “digital financial business activity.” The bill would specify that a “digital financial asset” does not include, among other things, a transaction in which a merchant grants digital representations of value that primarily relate to an affinity or rewards program, as provided, or a digital representation of value issued by or on behalf of a publisher and used primarily within online games or game platforms and that is not otherwise a digital financial asset.

Sponsors

Sponsors by party (alphabetical): Democratic 1

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. June 30, 2026Chaptered by Secretary of State. Chapter 52, Statutes of 2026.
2. June 30, 2026Approved by the Governor.
3. June 29, 2026Enrolled and presented to the Governor at 6 p.m.
4. June 29, 2026Assembly amendments concurred in. (Ayes 38. Noes 0. Page 5075.) Ordered to engrossing and enrolling.
5. June 29, 2026Urgency clause adopted.
6. June 29, 2026Unanimous consent granted to take up without reference to file.
7. June 29, 2026In Senate. Concurrence in Assembly amendments pending.
8. June 29, 2026Read third time. Urgency clause adopted. Passed. (Ayes 75. Noes 0. Page 5913.) Ordered to the Senate.
9. June 23, 2026Ordered to third reading.
10. June 23, 2026Read third time and amended.
11. June 22, 2026Ordered to third reading.
12. June 22, 2026From inactive file.