New York Assembly Introduces New Crypto Bill
- New York was once considered one of the hubs of cryptocurrency in the United States.
- New York was the first state to introduce a bill to ban crypto mining activities.
- The new crypto payment bill does not obligate state agencies to accept crypto payments.
A new bill introduced by New York Democratic Assembly Member Clyde Vanel seeks to allow state agencies to receive cryptocurrency as payment for state-imposed fines such as fees, taxes, and civil penalties.
The state Assembly Bill A523 will allow New York institutions to enter into “agreements with persons to provide the acceptance, by offices of the state, of cryptocurrency as a means of payment for various types of fees, including fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations, or other amounts, including penalties, special assessments, and interest, owed to state agencies.”
The bill does not require New York to accept crypto as payment. Instead, it explains that state agencies can agree to accept crypto as fines, and such payments should be considered legal. The bill would have to be approved by both the Assembly and Senate in New York and signed into law by Governor Kathy Hochul.
While several US states have embraced digital currencies and are making room for cryptocurrency, New York’s government has adopted a hostile approach. The state was the first to pass a bill to ban crypto mining and also came under criticism for its BitLicense policy.
New York looked set to become one of the first US states to fully embrace crypto after New York City Mayor Eric Adams received his payment in crypto. However, at the time, the crypto industry had huge potential, and platforms such as Crypto.com and FTX ran ads during the 2022 Super Bowl.
However, crypto prices are down, most firms have filed for bankruptcy or fired most of their staff, and Mayor Adams hardly talks about cryptocurrency. The future of crypto in New York seems highly uncertain.
I have covered some exciting stories in my career as a journalist and find blockchain-related stories very intriguing. I believe Web3 will change the world and want everyone to be a part of it.
