One American state has introduced legislation that will undoubtedly impact hte digital asset landscape. Specifically, New York has introduced a bill that would accept stablecoins as a form of payment for bail.
Assembly Bill number 7024 would amend the current criminal procedure law to now include the digital asset class. Moreover, the legislation states its intention not to authorize “fiat-collateralized stablecoins as a form of bail,” within the state.
New York Introduces Stablecoin Bill
Stablecoins are among the most popular digital asset offerings that the industry has crafted. Moreover, the stability garnered from their backing by fiat currencies grants them the potential for easier integration. Now, new legislation is set to do just that.
New York has introduced a new bill that would accept stablecoins as a form of payment for bail. Moreover, the bill would amend the existing acceptable forms of bail payment, which include cash, credit cards, and various bonds, to now include the digital asset class.
Specifically, the new legislation notes that “fiat-collateralized stablecoins,” be introduced as acceptable payment under the amended criminal procedures. Subsequently, the acceptance of the bill could open the door to a variety of stablecoin implementations in the state and beyond.
The development comes after New York Attorney General Letitia James proposed newfound cryptocurrency regulations. Additionally, James announced “landmark legislation to tighten regulations” on the digital asset sector in the state. Conversely, the stablecoin bill seems to be a step in the right direction.
Amid the regulatory uncertainty of the industry in the US, developments like these remain important. Nevertheless, the debate over the digital asset sector in the country will continue to be vital. Especially as political elections arrive in the coming year.