A New York legislator has introduced a new bill to accept dollar stablecoins as a legal form of bail payment.
The bill, introduced May 10 by New York State Democrat Latrice Walker, details pre-existing methods of paying bail, including cash, insurance bonds and credit cards, and intends to add “fiat-collateralized stablecoins” to the list.
The bill seeks to amend the current state criminal procedure law to include the class of fiat-guaranteed digital assets.
It is unclear which large “fiat-collateralized stablecoins” would fall under this new scope and whether any stablecoins would not be deemed acceptable by New York officials.
On December 22, 2022, two bondsmen posted a $250 million bond in Manhattan federal court on behalf of FTX founder Sam Bankman-Fried, allowing him to be released under strict house arrest pending his trial. criminal trial on October 2.
The new bill comes less than a week after New York Attorney General Letticia James proposed a new regulation on May 5 that would give the state more power over crypto exchanges.
The proposed legislation would give New York officials the power to issue subpoenas, impose civil penalties on crypto businesses that violate state law, and shut down businesses allegedly involved in fraud or illegal activity.
While the introduction of this bill shows the willingness of the New York State government to accommodate stablecoins in its criminal procedure law, James has been hitting cryptocurrency hard in recent months.
On January 5, James filed a lawsuit against former Celsius CEO Alex Mashinsky, and most recently, on March 9, James sued crypto exchange Kuoin.based in Seychelles, for selling securities and commodities without registration.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.