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This is an important step that demonstrates the growing political interest in integrating digital assets into government services. Bill A7788 , introduced by Assemblyman Clyde Vanel, proposes to amend state financial laws to allow New York state agencies to accept cryptocurrencies as a form of payment. According to the text of the document, state agencies would be allowed to accept payments in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Wide range of applications Under the bill, government agencies would be able to accept crypto payments for a variety of purposes: ”fines, civil penalties, rent, taxes, fees, charges, tolls, revenues, financial obligations, or other amounts,” as well as special fees and interest. Cryptocurrency legislation is becoming a key focus in New York - bill A7788 is the state`s second cryptocurrency-focused piece of legislation in just over a month. In March, New York introduced A06515 , a bill aimed at criminalizing cryptocurrency fraud and protecting investors from so-called ”rag pools” (a fraudulent scheme where project developers suddenly disappear with investors` money). Cryptocurrency legislative initiatives have received a significant boost since President Donald Trump took office on January 20. Even during his campaign, Trump indicated that his administration intends to make cryptocurrency policy a national priority, as well as turn the U.S. into a global center of blockchain innovation. Possible service fee on crypto payments If passed, the bill would mark a significant shift in New York`s approach to digital assets. It would allow government organizations to integrate cryptocurrencies into the payment infrastructure used to collect public funds. The proposal also includes a clause allowing the state to charge a service fee to those who choose to pay with cryptocurrency. According to the text, a state could require ”a service charge not to exceed the costs incurred by the state in connection with a transaction to pay with cryptocurrency.” This could include transaction costs or fees owed to cryptocurrency issuers. Bill A7788 has been referred to an Assembly Committee for consideration and may advance to the State Senate as the next step. Passage of this bill could become an important precedent for other states and catalyze wider adoption of cryptocurrencies in the U.S. public sector. At the same time, the authorities will have to develop clear mechanisms for conversion and accounting of volatile digital assets.
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