S 8901 (2025–26) — prohibiting unlicensed activities of virtual currency businesses (bill text)

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STATE OF NEW YORK
     ________________________________________________________________________

                                       8901

                                IN SENATE
                                 January 14, 2026
                                    ___________

     Introduced by Sen. MYRIE -- read twice and ordered printed, and when
       printed to be committed to the Committee on Banks

     AN ACT to amend the financial services law, in relation   to   prohibiting
       unlicensed activities of virtual currency businesses

       The People of the State of New York, represented in Senate and Assem-
     bly, do enact as follows:

 1     Section 1. The financial services law is amended by adding a new
 2   section 408-b to read as follows:
 3     § 408-b. Unlicensed virtual currency businesses. (a) For the purposes
 4   of this section, a "prohibited unlicensed virtual currency act" shall
 5   mean engaging in an activity in this state for which a license is
 6   required by the department, without such license.
 7     (b) In addition to any civil or criminal liability provided by law:
 8     (1) any person who engages in a prohibited unlicensed virtual currency
 9   act shall be guilty of a class A misdemeanor;
10     (2) any person who engages in a prohibited unlicensed virtual currency
11   act, and in the course of that violation engages in virtual currency
12   business activity, as defined by the department, that receives for tran-
13   smission, transmits, stores, holds, maintains custody or control, buys,
14   sells, provides exchange services, administers, or issues virtual
15   currency: (A) with a total value of twenty-five thousand dollars or more
16   during a period of thirty days or less, or a total of two hundred fifty
17   thousand dollars or more during a period of one year or less; or (B)
18   knowing said virtual currency to be the proceeds of any criminal
19   conduct, shall be guilty of a class E felony;
20     (3) any person who engages in a prohibited unlicensed virtual currency
21   act, and in the course of that violation engages in virtual currency
22   business activity, as defined by the department, that receives for tran-
23   smission, transmits, stores, holds, maintains custody or control, buys,
24   sells, provides exchange services, administers, or issues virtual
25   currency with a total value of fifty thousand dollars or more during a
26   period of thirty days or less, or a total of five hundred thousand
27   dollars or more during a period of one year or less, shall be guilty of
28   a class D felony; and

     EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                          [ ] is old law to be omitted.
                                                               LBD14435-01-6
     S. 8901                             2

 1     (4) any person who engages in a prohibited unlicensed virtual currency
 2   act, and in the course of that violation engages in virtual currency
 3   business activity, as defined by the department, that receives for tran-
 4   smission, transmits, stores, holds, maintains custody or control, buys,
 5   sells, provides exchange services, administers, or issues virtual
 6   currency with a total value of one hundred thousand dollars or more
 7   during a period of thirty days or less, or a total of one million
 8   dollars or more during a period of one year or less, shall be guilty of
 9   a class C felony.
10     § 2. This act shall take effect immediately.