A newly introduced New York State Assembly bill aims to allow state agencies to accept cryptocurrency as a form of payment.
Assembly Bill A7788, sponsored by Assemblymember Clyde Vanel, proposes that agencies may begin accepting Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash for fines, taxes, rent, and other payments owed to the state.
Filed on April 10, 2025, the bill would amend the State Finance Law by adding Section 4-b, granting agencies the authority to enter into agreements with crypto issuers or payment providers.
These agreements would define how payments are processed and the conditions under which the state may accept or reject cryptocurrency transactions.
If enacted, state agencies could accept crypto for a broad range of obligations — provided that the cryptocurrency issuer confirms final and unconditional payment. Agencies may also require a service fee from payers to offset transaction costs, including fees paid to crypto issuers, according to the bill.
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Settled debts
The bill emphasizes that debts are not considered settled until the state has received full payment in fiat from the crypto issuer. This ensures the state avoids volatility risks and maintains accounting standards.
This is not the first time such legislation has been proposed in New York. Similar versions were introduced in prior sessions, including bills A9782 (2017-2018), A1500 (2019-2020), and A2532 (2023-2024), though none advanced to law.
The bill is currently in the Assembly Governmental Operations Committee. If approved, it will take effect 90 days after becoming law.
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