{"id":1530154,"date":"2025-04-13T21:20:00","date_gmt":"2025-04-14T01:20:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1530154"},"modified":"2025-04-13T21:20:00","modified_gmt":"2025-04-14T01:20:00","slug":"new-york-bill-proposes-legalizing-bitcoin-crypto-for-state-payments","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/new-york-bill-proposes-legalizing-bitcoin-crypto-for-state-payments\/1530154\/","title":{"rendered":"New York Bill Proposes Legalizing Bitcoin, Crypto For State Payments"},"content":{"rendered":"

New York Bill Proposes Legalizing Bitcoin, Crypto For State Payments<\/span><\/p>\n

\n

Authored by Zoltan Vardai via CoinTelegraph.com,<\/em><\/a><\/p>\n

A New York lawmaker has introduced legislation that would allow state agencies to accept cryptocurrency payments, signaling growing political momentum for digital asset integration in public services.<\/p>\n

<\/a><\/p>\n

Assembly Bill A7788<\/a>, introduced by Assemblyman Clyde Vanel, seeks to amend state financial law to allow\u00a0New York state<\/a>\u00a0agencies to accept cryptocurrencies as a form of payment.<\/p>\n

It would permit state agencies to accept payments in Bitcoin, Ether, Litecoin and Bitcoin Cash, according to the bill\u2019s text.<\/p>\n

<\/a><\/p>\n

Source:\u00a0<\/em>Nysenate.gov<\/em><\/a><\/p>\n

According to the bill, state offices could authorize crypto payments for \u201cfines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations or other amounts,\u201d as well as penalties, special assessments and interest.<\/p>\n

Cryptocurrency legislation is becoming a focal point in New York, with Bill A7788 marking the state\u2019s second crypto-focused legislation in a little over a month.<\/p>\n

In March,\u00a0New York introduced<\/a>\u00a0Bill A06515, aiming to establish criminal penalties to prevent cryptocurrency fraud and protect investors from rug pulls.<\/p>\n

Crypto-focused legislation has gathered momentum since President Donald Trump took office on Jan. 20, with Trump signaling during his campaign that his administration intends to make\u00a0crypto policy a national priority<\/a>, as well as making the US a global hub for blockchain innovation.<\/p>\n

New York may mandate state \u201cservice fee\u201d on crypto payments<\/h2>\n

If passed, the bill would mark a significant shift in how New York handles digital assets. It would allow state entities to integrate cryptocurrency into the payment infrastructure used for collecting public funds.<\/p>\n

The proposal also includes a clause allowing the state to impose a service fee on those choosing to pay with crypto. According to the text, the state may require \u201ca service fee not exceeding costs incurred by the state in connection with the cryptocurrency payment transaction.\u201d This could include transaction costs or fees owed to crypto issuers.<\/p>\n

Assembly Bill A7788 has been referred to the Assembly Committee for review and may advance to the state Senate as the next step.<\/p>\n

New York\u2019s legislation comes shortly after the state of\u00a0Illinois passed a crypto bil<\/a>l to fight fraud and rug pulls after the recent wave of insider schemes related to memecoins, Cointelegraph reported on April 11.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nSun, 04\/13\/2025 – 17:20<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/crypto\/new-york-bill-proposes-legalizing-bitcoin-crypto-state-payments<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

New York Bill Proposes Legalizing Bitcoin, Crypto For State Payments Authored by Zoltan Vardai via CoinTelegraph.com, A New York lawmaker has introduced legislation that would…<\/p>\n","protected":false},"author":0,"featured_media":1530155,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1530154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1530154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1530154"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1530154\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1530155"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1530154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1530154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1530154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}