A legislator in New York has proposed a new bill that would enable state agencies to accept payments in cryptocurrency, indicating a growing trend in political support for integrating digital assets into public services.
Assembly Bill A7788, brought forward by Assemblyman Clyde Vanel, aims to modify state financial regulations to permit New York state agencies to accept cryptocurrencies as a payment method.
This legislation would allow state agencies to accept payments in Bitcoin
BTCUSD
, Ether
ETHUSD
, Litecoin
LTCUSD
, and Bitcoin Cash
BCHUSD
, as outlined in the bill’s provisions.
The bill specifies that state offices could authorize cryptocurrency payments for “fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations, or other amounts,” which may include penalties, special assessments, and interest.
Legislation surrounding cryptocurrency is gaining traction in New York, with Bill A7788 representing the second piece of crypto-related legislation introduced in just over a month.
In March, New York also put forward Bill A06515, designed to establish criminal penalties to deter cryptocurrency fraud and safeguard investors from rug pulls.
Interest in crypto-related legislation has surged since President Donald Trump assumed office on January 20, with Trump indicating during his campaign that his administration would prioritize crypto policy and aim to position the U.S. as a global center for blockchain innovation.
New York may implement a state “service fee” for crypto payments
Should the bill be enacted, it would represent a notable transformation in New York’s approach to handling digital assets. It would facilitate the integration of cryptocurrency into the payment processes for collecting public funds.
The proposal also includes a provision empowering the state to impose a service fee on individuals opting for crypto payments. According to the bill’s text, the state could charge “a service fee not exceeding the costs incurred by the state in connection with the cryptocurrency payment transaction.” This could encompass transaction fees or costs owed to cryptocurrency providers.
Assembly Bill A7788 has been sent to the Assembly Committee for evaluation and could progress to the state Senate as its next step.
New York’s legislative efforts come on the heels of a similar bill passed in Illinois aimed at combatting fraud and rug pulls amidst a recent surge of insider schemes involving memecoins, as reported by Cointelegraph on April 11.
