New York lawmaker introduces bill to support stablecoin payment for bails
New York State Rep. Latrice Walker has proposed a new bill supporting the use of fiat-backed stablecoins as an acceptable method of paying bail.
New York Congress Bill 7024, introduced May 10, noted that existing methods of paying bail included cash, insurance and credit cards. However, it called for the inclusion of fiat-backed stablecoins in the list of acceptable payment methods.
If the bill is passed, fiat-backed stablecoins such as Tether’s USDT, Circle’s USDC, Binance USD (BUSD), and TrueUSD (TUSD) will be used to pay the bill’s bonds across the state. there is a possibility. Note that the bill does not mention support for specific stablecoins.
On the other hand, the bill clearly states that the introduction of stablecoins “should not be construed as being compulsory for any person, company or legal entity.” Accept stablecoins or other cryptocurrencies for bond issuance. “
The stablecoin bill follows a bill introduced on May 5 by New York State Attorney General Letitia James. The bill aims to tighten regulation of the cryptocurrency industry to protect investors, consumers and the economy as a whole. Several New York legislators have expressed support for the proposal.
New York, on the other hand, is one of the few US states with strict cryptocurrency regulations. The state has filed multiple enforcement actions against cryptocurrency companies like KuCoin, and cryptocurrency companies operating within its jurisdiction must be licensed by the New York State Department of Financial Services.
New York State Rep. Submits Bill to Aid Stablecoin Payments for Bail First Posted on CryptoSlate.