New York legislator Latrice Walker has introduced a new bill that supports the use of fiat-backed stablecoins as an acceptable method of bail payments.
The New York Assembly Bill 7024, introduced May 10, noted that existing methods of paying bail include cash, insurance bonds, and credit cards. However, it aimed to include fiat-backed stablecoins in the list of acceptable payment methods.
If the bill passes, fiat-backed stablecoins such as Tether’s USDT, Circle’s USDC, Binance USD (BUSD), and TrueUSD (TUSD) can be used within the state to pay for this bill. It should be noted that the bill made no mention of support for any particular stablecoin.
Meanwhile, the bill explicitly stated that the inclusion of stablecoin should not be construed as coercing any person, company or company…. to accept stablecoins or other cryptocurrencies for bond posting.”
The stablecoin bill follows a bill introduced on May 5 by New York Attorney General Letitia James. This bill aimed to tighten regulations for the crypto industry to protect investors, consumers and the wider economy. Several New York lawmakers have expressed support for this proposal.
Meanwhile, New York is one of the few US states with strict crypto regulations. The state has taken several enforcement actions against crypto companies such as KuCoin, and crypto companies operating within its jurisdiction must be licensed by the New York State Department of Financial Services.
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