A new bill introduced in the New York State Assembly is seeking to pave the way for state agencies to accept cryptocurrency as a legitimate form of payment. Assembly Bill A7788, sponsored by Assemblymember Clyde Vanel, proposes that agencies be allowed to accept popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash for fines, taxes, rent, and other payments owed to the state.
The bill, filed on April 10, 2025, aims to amend the State Finance Law by introducing Section 4-b, which would grant agencies the authority to enter into agreements with cryptocurrency issuers or payment providers. These agreements would outline the processes for accepting cryptocurrency payments and establish the conditions under which the state can accept or reject such transactions.
If passed, state agencies would have the option to accept cryptocurrency for a wide range of obligations, as long as the cryptocurrency issuer confirms the payment as final and unconditional. Additionally, agencies may impose a service fee on payers to cover transaction costs, including fees paid to cryptocurrency issuers.
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Debt Settlement
The bill emphasizes that debts will only be considered settled once the state has received full payment in fiat currency from the cryptocurrency issuer. This measure is aimed at mitigating volatility risks and ensuring adherence to accounting standards.
Similar versions of this legislation have been introduced in previous sessions in New York, including bills A9782 (2017-2018), A1500 (2019-2020), and A2532 (2023-2024), though none have been enacted into law.
The bill is currently under review by the Assembly Governmental Operations Committee. If approved, it will come into effect 90 days after being passed into law.
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