2025-4-14 12:36 |
New York is taking a bold step toward mainstream crypto adoption. A new legislative proposal seeks to allow residents to use digital assets like Bitcoin, Ethereum, and Litecoin to pay for government-related services.
Although New York has yet to propose a Bitcoin reserve bill like its neighboring states, this proposal could pave the way for wider adoption in a state where crypto has been strictly regulated for years.
New York Could Soon Accept Tax and Rents in BitcoinThe proposed legislation, known as Assembly Bill A7788, was introduced by Assemblyman Clyde Vanel.
The bill seeks to amend New York’s state finance law to allow government agencies to accept cryptocurrencies for a variety of payments. These include taxes, rent, fines, fees, and other state-imposed obligations.
“Each state agency is authorized to enter into agreements with persons to provide the acceptance, by offices of the state, of cryptocurrency as a means of payments of fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations or other amounts including penalties, special assessments and interest, owed to state agencies,” the bill stated.
Under the bill, state agencies would be allowed—but not required—to enter agreements to accept crypto payments. This flexibility gives each agency the choice to determine whether accepting digital assets aligns with its operations.
If passed, it will also allow the government departments to impose a service fee on crypto transactions. This fee would only cover the actual cost to the state, including network transaction charges or other fees incurred during processing.
A7788 has now advanced to the Committee on Governmental Operations. If approved, the bill will go into effect 90 days after being signed into law.
Some Lawmakers Still Want Tighter RegulationsWhile the bill signals a more crypto-friendly stance in New York, not all state leaders support unrestricted adoption.
Attorney General Letitia James recently urged federal lawmakers to enact stronger regulatory frameworks for the crypto industry.
She cautioned that without clear federal oversight, digital assets could erode the dominance of the US dollar. She also warned they may expose national security risks and facilitate illegal financial activity.
“A strong dollar is in America’s national interest. It means there is demand for and confidence in US institutions and the US economy. America should defend the prime position of the US dollar for global transactions—a position that Bitcoin, which can instantly transfer value globally, threatens,” James stated.
James emphasized that bad actors can use cryptocurrencies to bypass traditional financial systems, fund adversarial regimes, or support criminal enterprises.
Although she acknowledged blockchain’s innovative potential, James outlined key principles for federal crypto regulation.
These include requiring platforms to comply with anti-money laundering laws, enforcing registration for issuers and intermediaries, and disallowing crypto in retirement accounts.
Her recommendations aim to protect investors, promote market transparency, and safeguard the broader economy.
“As Congress takes the mantle to propose legislation governing the cryptocurrency industry, we hope it also takes action to mitigate the risks posed by the industry to America’s national security, financial stability, and citizens,” James concluded.
While the state considers expanding crypto use, officials remain divided on how best to balance innovation with long-term financial security.
New York’s move could set a precedent if it aligns with safeguards that protect both the public and the economy.
The post New York Considers Bitcoin Adoption for State-Level Transactions appeared first on BeInCrypto.
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