A new Assembly bill has been proposed in New York that aims to allow state agencies to accept cryptocurrency as a form of payment for various services.
Overview of Bill A7788
Assembly Bill A7788, sponsored by Assemblymember Clyde Vanel, proposes that state agencies may begin accepting Bitcoin, Ethereum, Litecoin, and Bitcoin Cash for fines, taxes, rent, and other payments owed to the state.
Filed on April 10, 2025, the bill seeks to amend the State Finance Law by adding Section 4-b, granting agencies the authority to enter into agreements with crypto issuers or payment providers.
Conditions for Accepting Cryptocurrency
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.
The bill emphasizes that debts are not considered settled until the state has received full payment in fiat from the crypto issuer.
History of Cryptocurrency Payment Proposals in New York
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, and if approved, will take effect 90 days after becoming law.
Bill A7788 could significantly change how state agencies in New York handle payments, allowing the use of cryptocurrency. However, it is important to note that the bill must go through several stages before final approval.
