A 7788: Establishes that state agencies are allowed to accept cryptocurrencies such as bitcoin, ethereum, litecoin and bitcoin cash as payment.

  
  STATE OF NEW YORK ________________________________________________________________________ 7788 2025-2026 Regular Sessions  IN ASSEMBLY April 10, 2025 ___________ Introduced by M. of A. VANEL -- read once and referred to the Committee on Governmental Operations AN ACT to amend the state finance law, in relation to allowing New York state agencies to accept cryptocurrencies as a form of payment The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The state finance law is amended by adding a new section 2 4-b to read as follows: 3 § 4-b. Cryptocurrency as a form of payment. 1. The following terms, 4 when used or referred to in this section, shall have the following mean- 5 ings: 6 a. "Cryptocurrency" means any form of digital currency in which 7 encryption techniques are used to regulate the generation of units of 8 currency and verify the transfer of funds, operating independently of a 9 central bank including but not limited to, bitcoin, ethereum, litecoin 10 and bitcoin cash. 11 b. "Cryptocurrency issuer" means an issuer of any form of cryptocur- 12 rency, including but not limited to, bitcoin, ethereum, litecoin and 13 bitcoin cash. 14 c. "Person" means an individual, partnership, corporation or any other 15 legal or commercial entity. 16 2. Each state agency is authorized to enter into agreements with 17 persons to provide the acceptance, by offices of the state, of crytocur- 18 rency as a means of payment of fines, civil penalties, rent, rates, 19 taxes, fees, charges, revenue, financial obligations or other amounts, 20 including penalties, special assessments and interest, owed to state 21 agencies. Any such agreement shall govern the terms and conditions upon 22 which cryptocurrency proffered as a means of payment of a fine, civil 23 penalties, rent, rate, tax, fee, charge, revenue, financial obligation 24 or other amount, including penalties, special assessment or interest, 25 shall be accepted or declined and the manner in and conditions upon EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11433-01-5 
 A. 7788 2 1 which such person or cryptocurrency issuer shall pay to such state agen- 2 cy such amount of fines, civil penalties, rent, rates, taxes, fees, 3 charges, revenue, financial obligations or other amounts, including 4 penalties, special assessment or interest, paid by means of cryptocur- 5 rency pursuant to such agreement. 6 3. Any state agency which has entered into an agreement with a person 7 or cryptocurrency issuer as authorized by the provisions of subdivision 8 two of this section may accept cryptocurrency as a means of payment of 9 fines, civil penalties, rent, rates, taxes, fees, charges, revenue, 10 financial obligations or other amounts, including penalties, special 11 assessment or interest, as provided in such agreement and may pay such 12 fees as are specified in such agreement to such cryptocurrency issuer in 13 consideration of the services rendered by such cryptocurrency issuer 14 thereunder. Notwithstanding any other provision of law to the contrary, 15 it shall be the option of the state to require, as a condition of 16 accepting payment by cryptocurrency, that such person offering payment 17 by such means pay a service fee to the state not exceeding costs 18 incurred by the state in connection with the cryptocurrency payment 19 transaction, including any fee owed by the state to the cryptocurrency 20 issuer arising from that transaction. 21 4. The underlying debt, lien, obligation, bill, account or other 22 amount owed to the state for which payment by cryptocurrency is accepted 23 by the state shall not be expunged, cancelled, released, discharged or 24 satisfied, and any receipt or other evidence of payment shall be deemed 25 conditional, until the state has received final and unconditional 26 payment of the full amount due from the cryptocurrency issuer for such 27 cryptocurrency transaction. 28 § 2. This act shall take effect on the ninetieth day after it shall 29 have become a law. Effective immediately, the addition, amendment and/or 30 repeal of any rule or regulation necessary for the implementation of 31 this act on its effective date are authorized to be made and completed 32 on or before such effective date.