Enacts the "Public Official Virtual Currency Regulation Act"

Bill S 8214, the "Public Official Virtual Currency Regulation Act," aims to restrict virtual currency business activities for certain public officials and their families in New York. The bill defines "covered individuals" as the Governor, Lieutenant Governor, Comptroller, Attorney General of New York, the U.S. President, and their immediate family members. It prohibits any person from engaging in defined "virtual currency business activities" in New York if the virtual currency is linked to a "covered interest" (like ownership of 5% or more, or compensation for promotion) of these officials or their families, or is otherwise related to them. Prohibited activities include transferring, storing, buying, selling, or converting virtual currency for others. Violations can lead to civil penalties ranging from $5,000 to $50,000 per day.