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Committee advances disclosure bill for virtual tokens amid free‑speech and federal-regulation concerns
Summary
S.5473, a Comrie-sponsored bill that would require disclosures and regulate advertisements involving virtual tokens, was reported out of the Senate Banking Committee. Members and staff discussed First Amendment implications, the bill's relationship to federal securities rules, and called for clearer language or study.
The Senate Banking Committee reported out S.5473, sponsored by Senator Comrie, a bill to amend the Financial Services Law to require certain disclosures and to regulate advertising involving virtual tokens and similar products.
The committee's discussion focused on two tensions: how to prevent misleading commercial statements about virtual tokens while protecting open discussion and commentary, and whether state-level rules are premature where federal regulation remains unsettled. A committee…
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