Alex Bores’ Bills
A8804 · 2025–2026

Relates to prohibited unlicensed activities

Signed into law, Chapter 610 of 2025
Consumer protectionCrypto regulation

Closes a loophole in the financial services law: a person who runs an activity that requires a state license from the Department of Financial Services (banking or financial services law) without one was not subject to the civil penalties a licensed violator would face. This subjects unlicensed operators (including crypto businesses operating without a BitLicense) to those same penalties, so disregarding licensing is no longer an advantage. (Auto-generated summary)

On the Assembly floor this bill was replaced by its identical Senate companion S8408, which carried the measure forward; it was signed into law as Chapter 610 of 2025.

Official record

Official summary · NYS Open LegislationProvides that persons engaged in activity for which a license or other authorization from the superintendent of financial services is required under the banking law or financial services law will be subject to a civil penalty.

What it does: AN ACT to amend the financial services law, in relation to prohibited unlicensed activities

Legislative history

  1. 2025-06-09Assembly: REFERRED TO WAYS AND MEANS
  2. 2025-06-11Assembly: REPORTED REFERRED TO RULES
  3. 2025-06-12Assembly: REPORTED
  4. 2025-06-12Assembly: RULES REPORT CAL.696
  5. 2025-06-12Assembly: ORDERED TO THIRD READING RULES CAL.696
  6. 2025-06-13Assembly: SUBSTITUTED BY S8408