{"id":126996,"date":"2025-04-11T12:17:05","date_gmt":"2025-04-11T12:17:05","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126996"},"modified":"2025-04-11T12:17:05","modified_gmt":"2025-04-11T12:17:05","slug":"new-york-bill-proposes-legalizing-bitcoin-crypto-for-state-payments","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126996","title":{"rendered":"New York bill proposes legalizing Bitcoin, crypto for state payments"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsA 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.<br \/>\nAssembly Bill A7788, introduced by Assemblyman Clyde Vanel, seeks to amend state financial law to allow New York state agencies to accept cryptocurrencies as a form of payment.<br \/>\nIt would permit state agencies to accept payments in Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), according to the bill\u2019s text.<br \/>\nSource: Nysenate.govAccording 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.<br \/>\nRelated: Trump\u2019s tariff escalation exposes \u2018deeper fractures\u2019 in global financial system<br \/>\nCryptocurrency 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.<br \/>\nIn March, New York introduced Bill A06515, aiming to establish criminal penalties to prevent cryptocurrency fraud and protect investors from rug pulls.<br \/>\nCrypto-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 crypto policy a national priority, as well as making the US a global hub for blockchain innovation.<br \/>\nRelated: Illinois Senate passes crypto bill to fight fraud and rug pulls<br \/>\nNew York may mandate state \u201cservice fee\u201d on crypto payments<br \/>\nIf 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.<br \/>\nThe 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.<br \/>\nAssembly Bill A7788 has been referred to the Assembly Committee for review and may advance to the state Senate as the next step.<br \/>\nNew York\u2019s legislation comes shortly after the state of Illinois passed a crypto bill to fight fraud and rug pulls, after the recent wave of insider schemes related to memecoins, Cointelegraph reported on April 11.<br \/>\nMagazine: XRP win leaves Ripple and industry with no crypto legal precedent set<a href=\"https:\/\/cointelegraph.com\/news\/new-york-bill-legalize-bitcoin-crypto-payments?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsA 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. Assembly&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126996"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126996"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126996\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126996"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}