New York lawmaker introduces bill to support stablecoin payment for bails

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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