New York bill proposes legalizing Bitcoin, crypto for state payments
A New York lawmaker has introduced legislation that would allow state agencies to accept cryptocurrency payments, signaling growing political momentum for digital asset integration in public services.
Assembly Bill A7788, introduced by Assemblyman Clyde Vanel, seeks to amend state financial law to allow New York state agencies to accept cryptocurrencies as a form of payment.
It could permit state agencies to accept payments in Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), according to the bill’s text.
Source: Nysenate.gov
According to the bill, state offices could authorize crypto payments for “fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations or other amounts,” as well as penalties, special assessments and interest.
Related: Trump’s tariff escalation exposes ‘deeper fractures’ in global financial system
Cryptocurrency legislation is becoming a focal point in New York, with Bill A7788 marking the state’s second crypto-focused legislation in a little over a month.
In March, New York introduced Bill A06515, aiming to establish criminal penalties to prevent cryptocurrency fraud and protect investors from rug pulls.
Crypto-focused legislation has gathered momentum since US President Donald Trump took office on Jan. 20, with Trump signaling during his campaign that his administration intends to make crypto policy a national priority, as well as making the US a global hub for blockchain innovation.
Related: Illinois Senate passes crypto bill to fight fraud and rug pulls
New York may mandate state “service fee” on crypto payments
If passed, the bill would mark a significant shift in how New York handles digital assets. It would allow state entities to integrate cryptocurrency into the payment infrastructure used for collecting public funds.
The proposal also includes a clause allowing the state to impose a service fee on those choosing to pay with crypto. According to the text, the state may require “a service fee not exceeding costs incurred by the state in connection with the cryptocurrency payment transaction.” This could include transaction costs or fees owed to crypto issuers.
Assembly Bill A7788 has been referred to the Assembly Committee for review and may advance to the state Senate as the next step.
New York’s legislation comes shortly after the state of Illinois passed a crypto bill to fight fraud and rug pulls, after the recent wave of insider schemes related to memecoins, Cointelegraph reported on April 11.
Magazine: XRP win leaves Ripple and industry with no crypto legal precedent set
Nigel Farage has successfully exploited the Commons recess to “grab the mic” and “dominate” the agenda, Harriet Harman has said.
Speaking on Sky News’ Electoral Dysfunction podcast, the Labour peer said that the Reform UK leader has been able to “get his voice heard” while government was not in “full swing”.
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Mr Farage used a speech this week to set himself, rather than Kemi Badenoch’s Tories, up as the main opposition to Sir Keir Starmer at the next election.
The prime minister responded on Thursday with a speech attacking the Clacton MP.
Baroness Harman said: “It’s slightly different between opposition and government because in government, the ministers have to be there the whole time.
“They’ve got to be putting legislation through and they kind of hold the mic.
“They can dominate the news media with the announcements they’re making and with the bills they’re introducing, and it’s quite hard for the opposition to get a hearing whilst the government is in full swing.
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‘Big cuts’ to fund other Reform UK policies
“What we used to do when we were in opposition before 1997 is that as soon as there was a bank holiday and the House was not sitting, as soon as the half-term or the summer recess, we would be on an absolute war footing and dominate the airwaves because that was our opportunity.
“And I think that’s a bit of what Farage has done this week,” Harman added.
“Basically, Farage can dominate the media agenda.”
She went on: “He’s kind of stepped forward, and he’s using this moment of the House not sitting in order to actually get his voice heard.
“It’s sensible for the opposition to take the opportunity of when the House is not sitting to kind of grab the mic and that is what Nigel Farage has done.”
But Baroness Harman said it “doesn’t seem to be what Kemi Badenoch’s doing”.
She explained that the embattled leader “doesn’t seem to be grabbing the mic like Nigel Farage has” during recess, and added that “there’s greater opportunity for the opposition”.
SEC Commissioner Hester Peirce has backed the guidance, saying it gives clarity to stakers, while her peer Caroline Crenshaw claims it ignores existing laws.
Two NYPD detectives allegedly linked to a crypto torture case in Manhattan have been placed on modified duties as the investigation unfolds, according to multiple reports.
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