A new bill proposed by New York lawmaker Latrice Walker suggests using fiat-collateralized stablecoins as a valid method for bail bond payments. The bill aims to add fiat-backed stablecoins to the existing payment options such as cash, insurance bonds, and credit cards.
The proposed New York Assembly Bill 7024 does not mention any specific stablecoin but suggests that fiat-backed stablecoins such as Tether’s USDT, Circle’s USDC, Binance USD (BUSD), and TrueUSD (TUSD) can be used for bail bond payments if the bill is passed. The bill also states that it should not be mandatory for anyone to accept stablecoins or any other cryptocurrency for the posting of a bond.
Proposed Bill by New York Attorney General
New York Attorney General Letitia James submitted a bill on May 5, which proposed stronger regulations on the crypto industry to protect investors, consumers, and the economy. Many New York lawmakers have shown their support for this proposal.
New York’s Strict Crypto Regulations
New York is one of the few states in the US with strict crypto regulations. The state has filed enforcement actions against crypto firms like KuCoin, and crypto firms operating within its jurisdiction must be licensed by the New York State Department of Financial Services.
The proposed bill by Latrice Walker could potentially make it easier for people to pay bail bonds in New York using stablecoins. The bill has not yet been passed, but if it does, it could be a significant step for the crypto industry’s acceptance in the legal system.