New York Lawmaker Latrice Walker Proposes Bill to Accept Fiat-Collateralized Stablecoins for Bail Bonds. New York Assembly Member Latrice Walker has put forth a new bill that aims to include fiat-collateralized stablecoins as an acceptable form of payment for bail bonds. The proposed legislation, known as New York Assembly Bill 7024, was introduced on May 10 and seeks to expand the existing payment options for bail bonds, which currently include cash, insurance bonds, and credit cards.
The bill does not favor any specific stablecoin and aims to add fiat-backed stablecoins such as Tether’s USDT, Circle’s USDC, Binance USD (BUSD), and TrueUSD (TUSD) to the list of approved payment methods. It is important to note that the bill does not mandate the acceptance of stablecoins or any other cryptocurrency for bond postings. This proposed legislation comes shortly after New York Attorney General Letitia James submitted a bill on May 5, which aimed to enhance regulations in the crypto industry to safeguard investors, consumers, and the overall economy. Many New York lawmakers have expressed their support for this proposal.
New York is known for its stringent crypto regulations, and the state has taken legal action against various crypto companies, such as KuCoin. Crypto firms operating within the jurisdiction of New York must hold licenses from the New York State Department of Financial Services. If the bill is passed, it would allow the use of fiat-backed stablecoins for bail bond payments within the state of New York, providing individuals with an additional payment option and potentially increasing the efficiency and convenience of the bail system.