Key Takeaways:
- New York Assemblyman Clyde Vanel introduced a bill that would allow state agencies to accept cryptocurrencies.
- Vanel also proposed bills to explore blockchain technology for election security and to protect investors from crypto fraud.
- New York’s legislative activity reflects growing national government interest in digital assets.
A new New York bill brought forth on April 10 by Assemblyman Clyde Vanel would legalize payments of cryptocurrencies for state agencies, as shown by legislation on the New York State Senate’s website.
New York Assemblyman Proposes Bill
Introduced on Thursday, Assembly Bill A7788 seeks to allow state agencies “to accept cryptocurrencies such as bitcoin, ethereum, litecoin and bitcoin cash as payment.”
In essence, the bill would effectively allow any legal or commercial entity that may owe money to the state to pay in digital assets dependent upon the select state agency’s agreements.
If passed, those with a financial obligation to New York State could use digital assets as a means of payment of fines, rents, taxes, fees, and more.
News of Vanel’s latest bill comes just days after the assemblyman introduced Assembly Bill A7716 which would see New York utilize blockchain technology in a bid to safeguard and enhance election security.
Proposed on April 8, the bill would “study and evaluate” the use of blockchain to “protect voter records and election results.”
In March, Vanel also launched Assembly Bill A06515, a piece of legislation focused on reducing investor harm from cryptocurrency fraud schemes.
Crypto Takes Policy Main Stage In U.S.
New York’s push for digital asset inclusion coincides with broader mainstream interest in the sector, with key crypto policy discussions occurring in U.S. Congress.
Several bills, including the STABLE GENIUS Act and BITCOIN Act, have been making their way through the legislative system.
Current U.S. President Donald Trump largely campaigned on enacting crypto-friendly regulations, going so far as to sign an executive mandating the creation of a crypto policy working group this past January.
New York Senator Kisrsten Gillibrand herself has pushed for broader bipartisan efforts in the crypto space, joining forces with key crypto-friendly U.S. lawmakers to push balanced legislation forward.
While New York has been known for its tough BitLicense regulations, Vanel’s push to accept crypto for state payments could mark a major shift in the state’s stance towards digital assets.
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