- Assembly Bill A7788, introduced by Assemblyman Clyde Vanel, would allow New York state agencies to accept Bitcoin, Ether, Litecoin and Bitcoin Cash for taxes, fines, rent and civil penalties, mirroring similar efforts in states like Colorado and Louisiana.
- The bill authorizes a state-mandated service fee for crypto transactions, drawing criticism from advocates who fear it could disadvantage low-income users and undermine cryptocurrency’s low-fee advantages, while defenders emphasize transparency.
- It complements anti-crypto-fraud measures like Bill A06515, which criminalizes “rug pull” scams, reflecting dual legislative priorities of enabling adoption while addressing risks from malicious practices.
- It also echoes New York’s abandonment of its restrictive BitLicense (2015–2021) and expands into non-payment applications, such as Vanel’s blockchain-based voter record security proposal (A7716), signaling evolving regulatory openness.
- The bill pressures U.S. federal authorities to finalize crypto policies amid global competition (e.g. El Salvador), while IRS tax ambiguity and debates over balancing innovation with governance remain critical unresolved challenges.
(Natural News)—Assembly Bill A7788, introduced by Assemblyman Clyde Vanel (D-Queens), seeks to modernize New York’s public payment systems by allowing state agencies to accept Bitcoin, Ether, Litecoin and Bitcoin Cash.
If passed, the bill would permit crypto payments for obligations ranging from taxes and fines to rent and civil penalties. This legislation, referred to the Assembly’s Governmental Operations Committee, follows similar efforts in states like Colorado and Louisiana, signaling a national trend toward digital asset adoption.
A contentious clause in the bill empowers the state to impose a service fee on crypto transactions, covering costs like cryptocurrency issuer fees or blockchain transaction charges. While proponents argue this ensures transparency, critics question how these fees might disadvantage lower-income users or dilute cryptocurrency’s efficiency as a low-fee system.
“The provision must balance accessibility with operational needs,” said one financial analyst, though no direct quotes from stakeholders were provided in legislative materials.
This proposal emerges amid heightened political focus on crypto regulation. Earlier this month, Bill A06515 was introduced to criminalize crypto fraud and “rug pulls,” scams where developers abandon projects after inflating coin prices. Vanel’s push for blockchain voter record security via bill A7716 further underscores the growing bipartisan curiosity about the technology’s applications.
Vanel has advocated crypto-friendly policies repeatedly, introducing analogous measures since 2017. His persistence mirrors New York’s cyclical regulatory experiments with digital currencies. In 2015, the state’s now-defunct BitLicense, enforced under former New York State Department of Financial Services (NYDFS) head Ben Lawsky, drew criticism for stifling innovation by mandating excessive compliance, including employee background checks. The BitLicense model’s eventual retreat in 2021 hints at evolving regulatory approaches, shifting from restrictive measures to accommodation.
New York’s legislative moves align with a national trend. Colorado became the first state to accept crypto for tax payments in 2022, while Louisiana followed suit last autumn. Proposals in California and Florida highlight rising bipartisan interest, though critics argue that token variations like meme coins complicate trust. Illinois recently passed anti-rug-pull legislation, emphasizing fraud prevention as a parallel priority to adoption.
Tech developers and decentralized finance (DeFi) platforms have publicly supported crypto modernization, viewing New York’s bill as progress. Supporters argue that blockchain’s transparency could reduce administrative errors in taxes and public records. Meanwhile, corporate entities like payment processors may lobby to become authorized ‘bridges’ between crypto and state systems if fees are structured as middleman roles.
Bill A7788’s path forward
As the bill awaits committee review, analysts speculate about its survival in Albany’s Democratic-controlled legislature. Vanel’s track record suggests bipartisan resonance, given overlaps with GOP-advocated “right to payment choice.” Should it pass, New York would join a vanguard of states reimagining fiscal infrastructure, a move that advocates hope could pressure Washington to follow.
Vanel’s parallel blockchain vote-protection bill (A7716) highlights crypto’s extensions beyond payments. The proposal mandates a state study on blockchain’s role in securing election systems, a topic that has been increasingly debated post-2020. While critics question whether private blockchains can achieve intended transparency, proponents argue that immutable records guard against fraud.
Recent collapses, like the $40 billion FTX platform failure, underscore why lawmakers prioritize fraud prevention alongside innovation.
“Without clear rules, crypto risks becoming a Wild West again,” stated a state policy expert, referencing A06515’s anti-rug-pull mandate. Such bills aim to protect investors while insulating state coffers from high-risk speculative tokens.
Globally, nations like El Salvador and Nigeria have adopted crypto-friendly policies to bypass dollar-dominated finance. New York’s bill may pressure U.S. regulators to advance federal frameworks as rival countries attract blockchain entrepreneurs. However, U.S. agencies like the Internal Revenue Service (IRS) have lagged in finalizing tax treatment of crypto, complicating local efforts to collect revenue.
New York’s crypto payment bill represents a pivotal moment in the technology’s legislative journey. While supporters praise it as a forward-thinking infrastructure policy, skeptics caution against overreach. The outcome will shape debates nationally, testing whether digital currencies can evolve from speculative tools to mainstream fiscal instruments. As Vanel’s proposal advances, stakeholders await clarity on fees, security and the balance between innovation and governance. (Related: The great crypto power struggle: How technocrats and governments are reshaping global finance.)
Head over to CryptoCult.news for more related stories. Watch the video below that talks about cash-like crypto instruments and retail use cases.
This video is from the Brighteon Highlights channel on Brighteon.com.
More related stories:
- Trump’s BITCOIN GAMBIT: U.S. launches Strategic Bitcoin Reserve to cement crypto dominance.
- U.S. regulator greenlights banks for crypto activities, reversing 2021 restrictions.
- Trump’s Strategic Bitcoin Reserve: A bold move or a missed opportunity for crypto growth?
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