Assembly Bill A7788, sponsored by Assemblyman Clyde Vanel, seeks to amend financial law to permit payments in Bitcoin and cryptocurrencies for “fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations or other amounts,” as well as penalties, special assessments, and interest.
A bill introduced in the New York State Assembly would empower state agencies to collect payments in Bitcoin and cryptocurrency, potentially altering the state's stance on digital transactions.
Sponsored by Assemblyman Clyde Vanel, Assembly Bill A7788 seeks to modify financial law to enable payments in Bitcoin and cryptocurrencies for "fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations or other amounts." It would also permit the collection of penalties, special assessments, and interest in cryptocurrencies.
The bill includes an provision for service fees, allowing the state to charge "a service fee not exceeding costs incurred by the state in connection with the cryptocurrency payment transaction." This fee may cover processing costs or fees charged by third-party platforms facilitating the cryptocurrency transactions.
This marks the second Bitcoin-focused measure introduced in New York this year. Back in March, Bill A06515 was proposed to introduce criminal penalties for crypto-related fraud, targeting schemes such as rug pulls and pump-and-dump scams.
At the federal level, President Donald Trump's administration has signaled plans to prioritize national Bitcoin and crypto policy and expand blockchain development since taking office on January 20th.
Assembly Bill A7788 is currently pending review by the Assembly Committee and may be passed on to the state Senate for further consideration.
In other developments, Illinois has passed legislation aimed at combating fraud in the cryptocurrency sector. The bill follows concerns over scams involving memecoins and reports of insider abuse within crypto firms.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
