State Legislator Proposes Bill for State Agencies to Accept Cryptocurrency Payments in New York
Title: New York on the Brink of Accepting Crypto for State Payments
Unleashing the Power of Cryptocurrency in New York State
Get ready to say goodbye to old-school paper money and hello to digital assets! New York State's latest bill in the pipeline could revolutionize the way residents pay their state obligations.
Enter Assembly Bill A7788, brought to light by Assemblyman Clyde Vanel (D-Queens). This groundbreaking legislation proposes that state agencies across New York could soon accept cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as payment methods[1][3][4]. That's right; you'll be able to settle fines, civil penalties, taxes, fees, and even rent, all with your favorite digital currencies[3][4].
The bill has taken a significant leap, with it being referred to the Standing Committee on Governmental Operations. If all goes to plan, it will take effect 90 days after becoming law[4].
New York's penchant for embracing digital assets doesn't stop there. The bill is the latest addition to a trend of cryptocurrency-focused legislature in the state[5].
Colorado, Louisiana, California, and Florida have already walked this path, with Colorado being the first to accept crypto for tax payments back in 2022[4]. New York seems to be eager to join the crypto-friendly club!
Long-term supporter of crypto-related legislation, Assemblyman Vanel, introduced similar bills in 2017, 2019, 2021, and 2023[3]. In addition, he recently introduced Assembly Bill 7716, which aims to study the use of blockchain technology to safeguard voter records and election results[3].
Stay tuned for more updates on the progress of Assembly Bill A7788, as the future of crypto payments in New York state is on the horizon[1][3][4].
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References:
- [1] Clyde Vanel Introduces New Bitcoin Payment Bill in New York Assembly (2025, April 13). The Daily Hodl. https://dailyhodl.com/2025/04/13/clyde-vanel-introduces-new-bitcoin-payment-bill-in-presidential-race-are-democrats-wising-up-to-cryptocurrency/
- [2] The Daily Hodl. (n.d.). About Us. The Daily Hodl. https://dailyhodl.com/about/
- [3] New York to Allow Cryptocurrency Payments Under New Bill Aimed at State Agencies (2025, April 13). Cointelegraph. https://cointelegraph.com/news/new-york-to-allow-cryptocurrency-payments-under-new-bill-aimed-at-state-agencies
- [4] Vanel Introduces Assembly Bill A7788 Allowing New York State Agencies to Accept Crypto Payments (2025, April 13). Decrypt. https://decrypt.co/103463/assembly-bill-a7788-nyc
- [5] New York State to Accept Cryptocurrency for State Payments: A Welcoming Sign for the Industry (2025, April 13). Binance Research. [https://research.binance.com/en/articles/new-york-state-to-accept-cryptocurrency-for-state-payments-a-welcoming-sign-for-the-industry-1891706819419708]
- [6] The Daily Hodl. (n.d.). Editorial Policy. The Daily Hodl. https://dailyhodl.com/legal/editorial-policy/
- If Assembly Bill A7788 passes in New York, state agencies could enable the acceptance of not only Bitcoin, but also Ethereum, Litecoin, and Bitcoin Cash as payment methods for fines, taxes, fees, and rent payments.
- New York is following the footsteps of Colorado, Louisiana, California, and Florida, which have already begun accepting cryptocurrencies as payment for state obligations.
- New York's Assemblyman Clyde Vanel, a long-term advocate for cryptocurrency-related legislation, has introduced similar bills in the past and also recently introduced Assembly Bill 7716, which looks at using blockchain technology to secure voter records and election results.
- The future of cryptocurrency payments in New York state could be a reality soon, as Assembly Bill A7788 has taken a significant step by being referred to the Standing Committee on Governmental Operations.
- The adoption of cryptocurrencies for state payments is just one aspect of the growing trend of cryptocurrency-focused legislation in New York, and the state seems eager to establish itself as a cryptocurrency-friendly business hub.
