New York lawmaker Clyde Vanel has introduced a legislative bill that would allow state agencies to accept cryptocurrency as a form of payment. This move marks the latest development in the US’s favorable approach towards the crypto industry following President Donald Trump’s inauguration in January.
New York Bill Seeks To Adopt BTC, ETH, LTC And BCH As Legal Payment Options
According to data from the New York Senate, the legislative bill A7788 sponsored by legislator Vanel aims to amend the state finance law and authorize state agencies to accept payments in cryptocurrency from all entities including individuals, partnerships, or corporations.
Based on the text of the bill, the cryptocurrencies selected for such payments include but are not limited to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). If approved by the New York Senate, state agencies can accept these assets for the settlement of fines, civil penalties, rent, rate, tax, fees, charges, and revenue amongst other financial obligations.
Notably, the bill also permits New York state agencies to impose a fee to cover any additional costs in processing these cryptocurrency payments such as gas fees or transactional fees on an exchange. At the time of writing, the bill is now under review by the In Assembly Committee, where it can be debated, amended, rejected, or approved for voting on the Senate floor.
Interestingly, this bill marks the second crypto-related legislation introduced by Assemblyman Vanel in the past week. On April 8, the democrat representing the New York 33rd district submitted Assembly Bill A7716 which proposes the study and evaluation of the use of potential use of blockchain technology in protecting voters’ records and election results.
The US Crypto Evolution Continues
Following the regime change in January, the US government across all levels has increased its interest in the cryptocurrency industry. Notably, at least eighteen states are actively reviewing bills that propose the fund allocation to set up a Bitcoin reserve after US President Donald Trump signed an executive order in March to establish a National Bitcoin Reserve.
Beyond legislative efforts, national agencies including the Securities and Exchange Commission (SEC), and the Federal Deposit Insurance Corporation (FDIC) have also adopted a more embracive approach aimed at spurring the growth of the digital asset space while protecting users’ interests.
In line with this shift, the SEC has notably dropped several high-profile legal cases against key crypto industry players including Ripple, Coinbase, and Gemini while creating a task force to draft an appropriate regulatory framework for digital assets.
At the time of writing, the total crypto market is now valued at $2.66 trillion following a 0.49% decline in the past 24 hours.
Featured image from Peakpx, chart from Tradingview
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