assembly Bill A3906

2021-2022 Legislative Session

Establishes cryptocurrencies as a form of payment for state agencies

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2022 referred to governmental operations
Jan 28, 2021 referred to governmental operations

A3906 (ACTIVE) - Details

Law Section:
State Finance Law
Laws Affected:
Add §4-b, St Fin L
Versions Introduced in Other Legislative Sessions:
2017-2018: A9782
2019-2020: A1500

A3906 (ACTIVE) - Summary

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

A3906 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3906
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 28, 2021
                                ___________
 
 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:
 
   Section 1. The state finance law is amended by adding  a  new  section
 4-b to read as follows:
   §  4-B.  CRYPTOCURRENCY  AS A FORM OF PAYMENT. 1. THE FOLLOWING TERMS,
 WHEN USED OR REFERRED TO IN THIS SECTION, SHALL HAVE THE FOLLOWING MEAN-
 INGS:
   A. "CRYPTOCURRENCY" MEANS  ANY  FORM  OF  DIGITAL  CURRENCY  IN  WHICH
 ENCRYPTION  TECHNIQUES  ARE  USED TO REGULATE THE GENERATION OF UNITS OF
 CURRENCY AND VERIFY THE TRANSFER OF FUNDS, OPERATING INDEPENDENTLY OF  A
 CENTRAL  BANK  INCLUDING BUT NOT LIMITED TO, BITCOIN, ETHEREUM, LITECOIN
 AND BITCOIN CASH.
   B. "CRYPTOCURRENCY ISSUER" MEANS AN ISSUER OF ANY FORM  OF  CRYPTOCUR-
 RENCY,  INCLUDING  BUT  NOT  LIMITED TO, BITCOIN, ETHEREUM, LITECOIN AND
 BITCOIN CASH.
   C. "PERSON" MEANS AN INDIVIDUAL, PARTNERSHIP, CORPORATION OR ANY OTHER
 LEGAL OR COMMERCIAL ENTITY.
   2. EACH STATE AGENCY IS  AUTHORIZED  TO  ENTER  INTO  AGREEMENTS  WITH
 PERSONS TO PROVIDE THE ACCEPTANCE, BY OFFICES OF THE STATE, OF CRYTOCUR-
 RENCY  AS  A  MEANS  OF  PAYMENT OF FINES, CIVIL PENALTIES, RENT, RATES,
 TAXES, FEES, CHARGES, REVENUE, FINANCIAL OBLIGATIONS OR  OTHER  AMOUNTS,
 INCLUDING  PENALTIES,  SPECIAL  ASSESSMENTS  AND INTEREST, OWED TO STATE
 AGENCIES. ANY SUCH AGREEMENT SHALL GOVERN THE TERMS AND CONDITIONS  UPON
 WHICH  CRYPTOCURRENCY  PROFFERED  AS A MEANS OF PAYMENT OF A FINE, CIVIL
 PENALTIES, RENT, RATE, TAX, FEE, CHARGE, REVENUE,  FINANCIAL  OBLIGATION
 OR  OTHER  AMOUNT,  INCLUDING PENALTIES, SPECIAL ASSESSMENT OR INTEREST,
 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.