New York Bill Proposes Legalizing Bitcoin
A lawmaker in New York has put forward a new proposal that would enable state agencies to accept cryptocurrency payments, reflecting the growing interest in integrating digital assets into government services.
Assemblyman Clyde Vanel introduced Assembly Bill A7788, which aims to revise state financial laws to permit New York agencies to accept crypto as payment.
As outlined in the bill, the accepted cryptocurrencies would include Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Under the bill, state offices could authorize the use of crypto for a wide range of payments, such as fines, taxes, fees, rent, and other financial obligations.
This marks the second piece of crypto-related legislation in New York within a short span, following the introduction of Bill A06515 in March.
That bill proposed criminal penalties to address cryptocurrency fraud and safeguard investors from rug pulls.
The pace of crypto legislation has picked up since President Donald Trump’s inauguration on Jan. 20.
Throughout his campaign, Trump indicated that advancing crypto policy would be a national priority and expressed interest in positioning the U.S. as a leader in blockchain technology.
If enacted, Assembly Bill A7788 would represent a major development in the state’s approach to digital assets, giving agencies the framework to adopt crypto within public payment systems.
The legislation also includes a provision for an optional service fee on crypto payments.
As stated in the bill, the fee would be capped at covering the costs incurred by the state for processing the transaction, including any applicable network or issuer fees.
Currently, the bill is under review by the Assembly Committee and could move to the state Senate if it advances further.
This initiative in New York follows closely behind Illinois, which recently passed its own crypto bill aimed at tackling fraud and rug pulls in response to a surge of deceptive memecoin schemes.
Sources:
https://cointelegraph.com/news/new-york-bill-legalize-bitcoin-crypto-payments
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