New York Assembly Bill A00391

New York 2025-2026 Regular Session

• Introduced: 1/8/25
• Refer: 1/8/25
• Report Pass: 5/6/25
• Refer: 5/6/25
• Report Pass: 5/13/25
• Engrossed: 5/19/25
• Refer: 5/19/25
• Engrossed: 1/12/26
• Refer: 1/12/26

Caption

Requires certain disclosures by a developer of virtual tokens in advertisements involving such virtual tokens; provides restrictions concerning advertising.

Summary

A00391 would add a new section to the New York Financial Services Law regulating advertisements involving “virtual tokens,” a term defined broadly to include cryptocurrencies, virtual currencies, digital assets, and digital tokens, whether fungible or non-fungible. The bill requires any advertisement or public statement made for consideration about a virtual token to disclose the amount and nature of that consideration, whether past or prospective, direct or indirect. The bill also prohibits false, misleading, or deceptive advertising about virtual tokens or other financial products and services. It specifically treats as deceptive any statement that implies a person is legally authorized to offer or provide a virtual token or other financial product or service in New York when that person is not actually authorized. The measure takes effect immediately if enacted.

Impact

The bill would expand the Financial Services Law by creating a new advertising restriction enforceable against persons advertising virtual tokens and related financial products or services. It would impose disclosure obligations on paid promotions and give the superintendent authority to determine additional digital units that qualify as virtual tokens under the statute. The definition excludes certain gaming-only digital units, customer rewards/affinity points, and prepaid card units, limiting the law’s reach to tradable blockchain-based assets and similar products.

Sentiment

The available voting history shows strong support for the bill. It passed the Assembly Science and Technology Committee unanimously, then the Assembly Codes Committee unanimously, and later received overwhelming approval on the Assembly floor with 144 yeas and no nays. No committee transcript is available, but the recorded votes suggest broad agreement that the bill addresses advertising transparency and consumer protection in the digital asset market.

Contention

There is little evidence of formal opposition in the available record, given the unanimous committee votes and final passage without dissent. The main policy issue reflected in the text is how broadly to regulate crypto and digital asset advertising while avoiding overreach into gaming tokens, loyalty rewards, and prepaid card systems. Any potential contention would likely center on the scope of the disclosure requirement, the breadth of the definition of “virtual token,” and whether the law could affect legitimate marketing by digital asset businesses.