The New York legislator, Clyde Vanel, presented a legislative bill which would allow the State agencies to accept cryptocurrency as a means of payment. This decision marks the latest development of the favorable approach of the United States to the cryptographic industry after the inauguration of President Donald Trump 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 A7788 legislative bill sponsored by the VANEL legislator aims to modify the state finance law and to authorize state agencies to accept cryptocurrency payments of all entities, in particular individuals, partnerships or companies.
Based on the invoice text, the cryptocurrencies selected for these payments include, without limiting themselves, Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). If they are approved by the New York Senate, state agencies can accept these assets for the settlement of fines, civilian penalties, rent, rate, tax, costs, costs and income from other financial obligations.
In particular, the bill also authorizes New York State agencies to impose costs to cover any additional cost in the treatment of these cryptocurrency payments such as gas costs or transaction costs on a scholarship. At the time of the drafting of the time of the editorial staff, the bill is currently being examined by the assembly committee, where it can be debated, modified, rejected or approved to vote on the Senate soil.
Interestingly, this bill marks the second legislation linked to the crypto introduced by the VANEL deputy last week. On April 8, the Democrat representing the 33rd district of New York submitted the A7716 assembly bill which proposed the study and evaluation of the potential use of blockchain technology to protect the files of voters and election results.
The evolution of the American crypto continues
Following the change of regime in January, the United States government at all levels has increased its interest in the cryptocurrency industry. In particular, at least eighteen states actively examine bills which propose the distribution of funds to set up a Bitcoin reserve after American president Donald Trump signed a decree in March to establish a Bitcoin national reserve.
Beyond legislative efforts, national agencies, including the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC), have also adopted a more admired approach aimed at mitigating the growth of the digital asset space while protecting the interests of users.
In accordance with this change, the SEC has notably abandoned several high -level legal affairs against the main players in the cryptographic industry, including Ripple, Coinbase and Gemini while creating a working group to write an appropriate regulatory framework for digital assets.
At the time of writing the editorial staff, the total cryptography market is now estimated at 2.66 billions of dollars after a drop of 0.49% in the last 24 hours.
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