New York Lawmaker Introduces Bill To Legalize Crypto Payments
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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure New York lawmaker Clyde Vanel has introduced a legislative bill that would allow state agencies to accept cryptocurrency as a form of payment. This move marks the latest development in the US’s favorable approach towards the crypto industry following President Donald Trump’s inauguration in January. New York Bill Seeks To Adopt BTC, ETH, LTC And BCH As Legal Payment Options According to data from the New York Senate, the legislative bill A7788 sponsored by legislator Vanel aims to amend the state finance law and authorize state agencies to accept payments in cryptocurrency from all entities including individuals, partnerships, or corporations. Based on the text of the bill, the cryptocurrencies selected for such payments include but are not limited to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). If approved by the New York Senate, state agencies can accept these assets for the settlement of fines, civil penalties, rent, rate, tax, fees, charges, and revenue amongst other financial obligations. Notably, the bill also permits New York state agencies to impose a fee to cover any additional costs in processing these cryptocurrency payments such as gas fees or transactional fees on an exchange. At the time of writing, the bill is now under review by the In Assembly Committee, where it can be debated, amended, rejected, or approved for voting on the Senate floor.Interestingly, this bill marks the second crypto-related legislation introduced by Assemblyman Vanel in the past week. On April 8, the democrat representing the New York 33rd district submitted Assembly Bill A7716 which proposes the study and evaluation of the use of potential use of blockchain technology in protecting voters’ records and election results. The US Crypto Evolution Continues Following the regime change in January,…
Filed under: News - @ April 13, 2025 8:02 pm