New York lawmaker introduces bill to support stablecoin payment for bails News ▸ New York ▸ Regulation
New York lawmaker introduces bill to support stablecoin payment for bails
If the bill is passed, fiat-backed stablecoins like Tether's USDT could be used within the state to make bill bonds payment.
1 min read
Updated: May. 11, 2023 at 9:40 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
New York lawmaker Latrice Walker proposed a new bill that supports using fiat-collateralized stablecoins as an acceptable method for bail bond payments.
Introduced on May 10, the New York Assembly Bill 7024 noted that the existing methods of paying bail bonds included cash, insurance bonds, and credit cards. However, it sought the inclusion of fiat-backed stablecoins to the list of acceptable payment methods.
If the bill is passed, fiat-backed stablecoins like Tether’s USDT, Circle’s USDC, Binance USD (BUSD), and TrueUSD (TUSD) could be used within the state to make this bill bonds payment. It should be noted that the bill did not mention support for a particular stablecoin.
Meanwhile, the bill explicitly stated that the stablecoin inclusion should not be “construed to compel any person, firm or corporation …. to accept stablecoins or any other cryptocurrency for the posting of a bond.”
The stablecoin bill follows a proposed bill submitted by New York Attorney General Letitia James on May 5. This bill sought to tighten regulations on the crypto industry to protect investors, consumers, and the broader economy. Several New York lawmakers have shown support for this proposal.
Meanwhile, New York is one of the few U.S. states with strict crypto regulations. The state has filed several 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.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
USD Coin
$1.00018
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Binance USD
$1.00155
BUSD is a stablecoin issued by Paxos in partnership with Binance..
KuCoin
KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies that launched in September 2017.