New York A 7788: Establishes cryptocurrencies as a form of payment for state agencies

Bill Text

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A07788 Summary:

BILL NOA07788 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORVanel

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §4-b, St Fin L

&nbsp

Establishes that state agencies are allowed to accept cryptocurrencies such as bitcoin, ethereum, litecoin and bitcoin cash as payment.

Go to top A07788 Actions:

BILL NOA07788 

&nbsp

04/10/2025referred to governmental operations

01/07/2026referred to governmental operations

Go to topA07788 Committee&nbspVotes:

Go to topA07788 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07788 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7788

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 10, 2025
 ___________

 Introduced by M. of A. VANEL -- read once and referred to the Committee
 on Governmental Operations

 AN ACT to amend the state finance law, in relation to allowing New York
 state agencies to accept cryptocurrencies as a form of payment

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The state finance law is amended by adding a new section
 2 4-b to read as follows:
 3 § 4-b. Cryptocurrency as a form of payment. 1. The following terms,
 4 when used or referred to in this section, shall have the following mean-
 5 ings:
 6 a. "Cryptocurrency" means any form of digital currency in which
 7 encryption techniques are used to regulate the generation of units of
 8 currency and verify the transfer of funds, operating independently of a
 9 central bank including but not limited to, bitcoin, ethereum, litecoin
 10 and bitcoin cash.
 11 b. "Cryptocurrency issuer" means an issuer of any form of cryptocur-
 12 rency, including but not limited to, bitcoin, ethereum, litecoin and
 13 bitcoin cash.
 14 c. "Person" means an individual, partnership, corporation or any other
 15 legal or commercial entity.
 16 2. Each state agency is authorized to enter into agreements with
 17 persons to provide the acceptance, by offices of the state, of crytocur-
 18 rency as a means of payment of fines, civil penalties, rent, rates,
 19 taxes, fees, charges, revenue, financial obligations or other amounts,
 20 including penalties, special assessments and interest, owed to state
 21 agencies. Any such agreement shall govern the terms and conditions upon
 22 which cryptocurrency proffered as a means of payment of a fine, civil
 23 penalties, rent, rate, tax, fee, charge, revenue, financial obligation
 24 or other amount, including penalties, special assessment or interest,
 25 shall be accepted or declined and the manner in and conditions upon

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11433-01-5

 A. 7788 2

 1 which such person or cryptocurrency issuer shall pay to such state agen-
 2 cy such amount of fines, civil penalties, rent, rates, taxes, fees,
 3 charges, revenue, financial obligations or other amounts, including
 4 penalties, special assessment or interest, paid by means of cryptocur-
 5 rency pursuant to such agreement.
 6 3. Any state agency which has entered into an agreement with a person
 7 or cryptocurrency issuer as authorized by the provisions of subdivision
 8 two of this section may accept cryptocurrency as a means of payment of
 9 fines, civil penalties, rent, rates, taxes, fees, charges, revenue,
 10 financial obligations or other amounts, including penalties, special
 11 assessment or interest, as provided in such agreement and may pay such
 12 fees as are specified in such agreement to such cryptocurrency issuer in
 13 consideration of the services rendered by such cryptocurrency issuer
 14 thereunder. Notwithstanding any other provision of law to the contrary,
 15 it shall be the option of the state to require, as a condition of
 16 accepting payment by cryptocurrency, that such person offering payment
 17 by such means pay a service fee to the state not exceeding costs
 18 incurred by the state in connection with the cryptocurrency payment
 19 transaction, including any fee owed by the state to the cryptocurrency
 20 issuer arising from that transaction.
 21 4. The underlying debt, lien, obligation, bill, account or other
 22 amount owed to the state for which payment by cryptocurrenc