Breaking News: New York State Shakes Up Payments with Crypto Bill!

Hold onto your wallets, folks! New York's State Assembly just dropped a bombshell bill that could revolutionize how we pay our dues. They're seriously considering letting state agencies take in cryptocurrency as payment!

Assembly Bill A7788, backed by the daring Assemblymember Clyde Vanel, is pushing to let agencies cash in on Bitcoin, Ethereum, Litecoin, and Bitcoin Cash for everything from fines and taxes to rent and other state obligations. Can you believe it?

Launched on April 10, 2025, this game-changer wants to tweak the State Finance Law with a new Section 4-b. This would give agencies the green light to team up with crypto issuers or payment providers and set the rules for how these digital transactions roll out.

These partnerships would nail down the nitty-gritty of processing payments and set the terms for when the state can say yes or no to crypto deals.

Get this: if this bill becomes law, state agencies could start accepting crypto for a whole slew of payments—as long as the crypto issuer gives the thumbs-up that the payment's final and can't be taken back. Plus, agencies might even slap on a service fee to cover the costs of dealing with these digital currencies.

Settled Debts

But don't think you can just toss some crypto at your debt and walk away. The bill makes it crystal clear: your debt's not paid off until the state gets the full amount in good ol' fiat currency from the crypto issuer. It's all about keeping the state safe from those wild crypto swings and sticking to solid accounting practices.

Now, this isn't New York's first rodeo with crypto payment bills. They've tried this dance before with bills like A9782, A1500, and A2532 in past sessions, but none of them made it to the finish line.

Right now, the bill's chilling in the Assembly Governmental Operations Committee, waiting for its shot. If it gets the go-ahead, it'll kick into gear 90 days after becoming law. Buckle up, New York—this could be a wild ride!