The New York State Legislature has recently passed the RAISE Act, making it the first state in the US to establish mandatory transparency standards for frontier AI laboratories. The act requires global AI giants such as OpenAI, Google, and Anthropic to submit regular safety reports for their high-performance models and promptly report any AI-related security incidents. Failure to comply may result in fines of up to $30 million. The act aims to prevent AI technology from causing massive casualties or significant property losses while avoiding over-regulation that may stifle innovation. It also excludes small businesses and academic institutions from its scope. Despite opposition from some industry players and investors who fear the act may hinder innovation, the act's drafters emphasize that the regulatory burden is relatively light and will not lead to companies exiting the New York market. This move has been welcomed by AI security experts and is seen as a significant breakthrough following the failure of similar legislation in California. If implemented, the act will set a benchmark for AI governance in the US.