A bill for the newly introduced New York State Assembly aims to allow state agencies to accept cryptocurrency as a method of payment.
The Bill Assembly A7788, sponsored by the assembly Clyde Vanel, proposes that agencies can begin to accept Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin in cash for fines, taxes, rent and other payments due to the state.
Submitted on April 10, 2025, the bill would modify the State finance law by adding article 4-B, granting agencies the power to conclude agreements with crypto transmitters or payment providers.
These agreements would define how payments are treated and the conditions under which the State can accept or reject cryptocurrency transactions.
If they are adopted, state agencies could accept the crypto for a wide range of obligations – provided that the cryptocurrency issuer confirms the final and unconditional payment. Agencies can also require payers’ service costs to compensate for transaction costs, including costs paid to cryptographic issuers, depending on the bill.
Debts set
The bill stresses that debts are not considered to be paid until the State has received the full payment of the Fiat from the cryptographic transmitter. This ensures that the state avoids the risk of volatility and maintains accounting standards.
This is not the first time that such a legislation has been offered in New York. Similar versions have been introduced into previous sessions, including bills A9782 (2017-2018), A1500 (2019-2020) and A2532 (2023-2024), although no one has advanced to the law.
The bill is currently part of the Assembly’s Government Operations Committee. If it is approved, it will take effect 90 days after having become law.
