An Empire State legislator has just proposed new legislation that could expand the use cases of stablecoins.
On May 10, New York State Democrat Latrice Walker introduced Assembly Bill 7024, which aims to amend the criminal law to allow the use of dollar-pegged stablecoins as a form of bail payment.
Accepted security deposit payment methods currently include cash, insurance bonds, and credit cards.
The bill says state officials will issue the rules and regulations to determine which fiat-backed stablecoins can be accepted for bail. If the value of the stablecoin falls, the court may request additional bail.
“If the court determines that the bail must be paid as provided in paragraph (j) of part one of this section and the value of the stablecoins falls more than fifty percent from the value of the stablecoins at the time the bail was paid, the court may: in its sole discretion request the posting of additional bail as provided in part one of this section.
Walker introduced Assembly Bill 7024 just after New York Attorney General Letitia James proposed a bill that aims to tighten regulation of the crypto industry. According to James, the billion-dollar industry lacks robust regulation.
“Random fraud and dysfunction have become the hallmarks of cryptocurrency and it is time to bring law and order to the multi-billion dollar industry.
These common sense regulations will bring more transparency and oversight to the industry and strengthen our ability to crack down on those who do not respect the law.”
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