New York Bill Paves Way for State-Accepted Crypto Payments
12.04.2025 09:05
A newly introduced New York State Assembly bill proposes allowing state agencies to accept cryptocurrency as a form of payment for services including fines, taxes, and rent. The bill, sponsored by Assemblymember Clyde Vanel and designated as Assembly Bill A7788, would enable agencies to process transactions using Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Under the proposed legislation, state agencies could enter into agreements with crypto issuers or payment providers to ensure transactions are finalized only when the crypto issuer confirms a final and unconditional payment in fiat currency, thereby minimizing volatility risks. Additionally, agencies could impose a service fee to cover transaction costs. Although this is not the first attempt to integrate cryptocurrency payments at the state level—with similar bills introduced in previous sessions—this proposal marks a significant step toward mainstream adoption if enacted, taking effect 90 days after becoming law. The bill is currently under review in the Assembly Governmental Operations Committee.
Bitcoin is likely to benefit from this regulatory advancement, as increased institutional and governmental acceptance can boost investor confidence. The immediate effect could include a modest price rise driven by positive market sentiment, while long-term prospects improve as BTC’s reputation as a digital store of value strengthens, corroborated by historical rallies following similar adoption milestones.
Ethereum may experience an uptick as its network is widely used for various decentralized applications and transactions. The legislative move is seen as a positive signal, potentially driving both short-term speculative interest and long-term utility-based demand, consistent with past trends seen with broader crypto adoption.
Litecoin could see a boost as its faster transaction speeds and lower fees make it attractive for payment applications. Short-term price improvements may occur due to the increased narrative around crypto payment acceptance; however, relative impact might be moderate compared to BTC and ETH, reflecting its niche positioning historically.
Bitcoin Cash, designed for payment transactions, may benefit from the bill’s focus on state-level crypto usage. The news could lead to an immediate positive sentiment, with potential long-term gains if the adoption trend continues, though historical price movements suggest a more moderate increase compared to the leaders in the market.