New York Bill Aims to Legalize Crypto for State Payments
A new legislative proposal in New York, Assembly Bill A7788, marks a significant development in the integration of digital assets into the public sector. Introduced by Assemblymember Clyde Vanel, the bill seeks to amend the state’s financial laws to authorize state agencies to accept cryptocurrencies—including Bitcoin and Bitcoin Cash—for a broad range of official payments.
According to the bill’s language, state agencies would be empowered to receive payments in crypto for:
- Fines
- Civil penalties
- Rents
- Fees
- Taxes
- Charges
- Revenues
- Financial obligations
- Other payable amounts, including special assessments and interest
This move indicates a growing political momentum in the Empire State toward embracing blockchain-based solutions and decentralized finance (DeFi) in everyday governance.
A Legislative Trend in Digital Finance
This isn’t an isolated development. Assembly Bill A7788 is the second piece of cryptocurrency-related legislation introduced in New York in just over a month. In March, the state brought forth Bill A06515, designed to establish criminal penalties for crypto fraud, especially targeting the rise of "rug pulls"—fraudulent exit scams involving memecoins.
These bills reflect New York’s evolving legislative environment, aligning with the broader federal narrative on crypto. Since taking office on January 20, President Donald Trump has publicly stated that his administration views cryptocurrency policy as a national priority, with aims to make the United States a global hub for blockchain innovation.
What’s Next?
Assembly Bill A7788 has been referred to the Assembly Committee for initial review. If successful, it could proceed to the New York State Senate, paving the way for potential historic acceptance of crypto in public finance.
