New York State takes a step towards integrating digital assets into public payment systems, with a new bill proposing legal cryptocurrency transactions for fines, taxes, and more.
Crypto Payments for State Services
A new bill introduced in the New York State Assembly aims to legalise the use of cryptocurrencies for a wide range of state-related payments. Assembly Bill A7788, proposed by Assemblyman Clyde Vanel, seeks to amend the state’s financial law to permit payments using Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
Source: Nysenate.gov
If enacted, the legislation would authorise state agencies to accept crypto payments for various obligations, including fines, civil penalties, taxes, fees, rent, and other charges. This could significantly modernise the way citizens interact with government services by offering them the option to pay through digital assets.
Additional Service Fees May Apply
While the bill opens the door for more flexibility in payments, it also includes provisions that allow the state to impose a service fee on cryptocurrency transactions. According to the bill’s text, the fee would be limited to the actual costs incurred by the state in processing such payments. These may include transaction costs or charges from crypto issuers.
Political Momentum Grows for Crypto Legislation
The introduction of Bill A7788 comes just over a month after another crypto-focused bill, A06515, was brought forward in New York. That bill seeks to criminalise cryptocurrency fraud and protect investors against schemes such as rug pulls.
Nationwide, crypto regulation has become a prominent issue under President Donald Trump’s current term. The Trump administration has voiced intentions to prioritise cryptocurrency policy, with ambitions to establish the United States as a global leader in blockchain innovation.
What’s Next for the Bill
Assembly Bill A7788 has been referred to the Assembly Committee for further review. If it clears this stage, it could advance to the New York State Senate for consideration. If passed, the law would mark a significant shift in the state’s financial operations, integrating digital currencies into the official public payment infrastructure.
This legislative move aligns with broader national and global trends aiming to legitimise and regulate cryptocurrency usage while balancing the need for oversight and consumer protection. Just recently, the state of Illinois passed a crypto fraud prevention bill following multiple high-profile scams involving memecoins.
As New York positions itself at the forefront of crypto regulation, Assembly Bill A7788 could be a defining step towards widespread adoption of digital currencies within government services.
