new York State Considers Crypto Payments for State Agencies
A new bill in the New York State Assembly could let state agencies accept cryptocurrency as payment. assembly Bill A7788, backed by Assemblymember Clyde Vanel, aims to allow agencies to receive Bitcoin, Ethereum, Litecoin, and Bitcoin Cash for various state obligations.
filed on April 10, 2025, the bill would update the State Finance Law. It would add Section 4-b, giving agencies the power to partner with crypto issuers or payment providers. These partnerships would outline how payments are handled and the rules for accepting or rejecting crypto transactions.
Under the bill, agencies could accept crypto for fines, taxes, and rent. Though, the crypto issuer must confirm the payment is final and unconditional. Agencies might also charge a service fee to cover transaction costs.
Debts are only settled when the state receives full payment in fiat currency from the crypto issuer. This protects the state from crypto volatility and keeps accounting standards intact.
This isn’t the first time such a bill has been proposed in New York. Previous versions, like A9782, A1500, and A2532, didn’t become law. The current bill is in the Assembly Governmental Operations Committee. If approved, it will take effect 90 days after becoming law.
