New York is taking a bold step toward mainstream crypto adoption. A new legislative proposal seeks to allow residents to use digital assets like Bitcoin, Ethereum, and Litecoin to pay for government-related services.

Although New York has yet to propose a Bitcoin reserve bill like its neighboring states, this proposal could pave the way for wider adoption in a state where crypto has been strictly regulated for years.

New York Could Soon Accept Tax and Rents in Bitcoin

The proposed legislation, known as Assembly Bill A7788, was introduced by Assemblyman Clyde Vanel.

The bill seeks to amend New York’s state finance law to allow government agencies to accept cryptocurrencies for a variety of payments. These include taxes, rent, fines, fees, and other state-imposed obligations.

“Each state agency is authorized to enter into agreements with persons to provide the acceptance, by offices of the state, of cryptocurrency as a means of payments 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,” the bill stated.

Under the bill, state agencies would be allowed—but not required—to enter agreements to accept crypto payments. This flexibility gives each agency the choice to determine whether accepting digital assets aligns with its operations.

If passed, it will also allow the government departments to impose a service fee on crypto transactions. This fee would only cover the actual cost to the state, including network transaction charges or other fees incurred during processing.

A7788 has now advanced to the Committee on Governmental Operations. If approved, the bill will go into effect 90 days after being signed into law.

Some Lawmakers Still Want Tighter Regulations

While the bill signals a more crypto-friendly stance in New York, not all state leaders support unrestricted adoption.

Attorney General Letitia James recently urged federal lawmakers to enact stronger regulatory frameworks for the crypto industry.

She cautioned that without clear federal oversight, digital assets could erode the dominance of the US dollar. She also warned they may expose national security risks and facilitate illegal financial activity.

“A strong dollar is in America’s national interest. It means there is demand for and confidence in US institutions and the US economy. America should defend the prime position of the US dollar for global transactions—a position that Bitcoin, which can instantly transfer value globally, threatens,” James stated.

James emphasized that bad actors can use cryptocurrencies to bypass traditional financial systems, fund adversarial regimes, or support criminal enterprises.

Although she acknowledged blockchain’s innovative potential, James outlined key principles for federal crypto regulation.

These include requiring platforms to comply with anti-money laundering laws, enforcing registration for issuers and intermediaries, and disallowing crypto in retirement accounts.

Her recommendations aim to protect investors, promote market transparency, and safeguard the broader economy.

“As Congress takes the mantle to propose legislation governing the cryptocurrency industry, we hope it also takes action to mitigate the risks posed by the industry to America’s national security, financial stability, and citizens,” James concluded.

While the state considers expanding crypto use, officials remain divided on how best to balance innovation with long-term financial security.

New York’s move could set a precedent if it aligns with safeguards that protect both the public and the economy.

XRP has staged an impressive recovery to reclaim the $2 price level after plunging to a weekly low of $1.657 in a steep midweek correction. The rebound comes at a crucial time for the cryptocurrency, with analysts paying closer attention to historical price behaviors and bullish technical patterns. Among them is EGRAG CRYPTO, a popular XRP analyst on X, who believes that the cryptocurrency could be on the cusp of a monumental surge reminiscent of its previous bull cycles in 2017 and 2021.

The Power Of Time Cycles And Exponential Moving Averages

EGRAG’s technical analysis focuses on a recurring structure seen in XRP’s past cycles, using the 21-period Exponential Moving Average (EMA) and 33-period Moving Average (MA) on the biweekly timeframe. According to his analysis, which was revealed on social media platform X, both the 2017 and 2021 rallies were preceded by similar technical setups: a sustained bottoming process lasting around 770 days followed by a bullish reversal.

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These phases were marked by what he described as “blow-off tops,” where XRP posted parabolic gains after bouncing off the 21 and 33 exponential moving averages. The current market structure, EGRAG noted, aligns closely with those previous cycles. After a prolonged bearish trend and a second recorded “bearish cross” in 2022, XRP has once again moved above both the 21 EMA and 33 MA.

In his view, this sets the stage for a similar breakout scenario, one that could play out before the end of 2025. EGRAG uses this pattern to suggest a timeline of roughly 770 days from the last major crossover in early 2022, placing the projected breakout target around September 29, 2025.

XRP Can Surge To $45

Interestingly, EGRAG’s price prediction based on the premise of how a similar 2017 or 2021 movement can play out for XRP. In 2017, XRP posted a rally of approximately 2,700%, and in 2021, a slightly lower surge of about 1,050%. By mapping those gains onto the current price structure, EGRAG predicted two potential targets: a more conservative $19 level and a bold $45 level. Between these two targets is a mid-range target of $27 which he has previously favored.

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However, the analyst warned that while chart patterns offer insight, they are not perfect predictors. In his own words, “Will it rhyme exactly? No, because if it were that easy, everyone would be a multimillionaire.” Still, the emotional patterns of market participants, human reactions and behaviors, tend to repeat to create opportunities where a previous price action might play out again, even if not 100%. 

The analyst ended his analysis with a strategic note to long-term holders and short-term traders alike, consider a Dollar-Sell-Average (DSA) approach when the XRP price starts to climb. 

At the time of writing, XRP is trading at $2.04, up by 2.6% in the past 24 hours.

Featured image from Adobe Stock, chart from Tradingview.com

Solana plunged to a 12-month low of $95.23 on April 7, marking a sharp decline amid broader market turbulence. 

However, as the market embarked on a recovery this week, SOL has witnessed a rebound, with its price climbing as demand surges.

SOL Rebounds 17%, Eyes Further Gains

Since SOL began its current rally, its value has soared by 17%. At press time, the altcoin trades at $124.58, resting atop an ascending trend line.

This pattern emerges when the price of an asset consistently makes higher lows over a period of time. It represents an uptrend, indicating that SOL demand is gradually increasing, driving its prices higher. It suggests that the coin buyers are willing to pay more, and it serves as a support level during price corrections.

SOL’s recovery is further supported by its rising Relative Strength Index (RSI), indicating increasing buying interest. This momentum indicator is at 49.58 at press time, poised to break above the 50-neutral line. 

The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.

At 49.50 and climbing, SOL’s RSI signals a steady shift in momentum from bearish to bullish. A rise above 50 would confirm increasing buying pressure and a potential for a sustained upward price movement. 

Solana Bulls Eye $138

SOL’s ascending trend line forms a solid support floor below its price at $120.74. If demand soars and the bullish presence with the SOL spot markets strengthens, the coin could continue its rally and climb to $138.41.

However, if profit-taking commences, the support at $120.74 would be breached, and the SOL’s price could revisit $95.23.