Stablecoin payments could be a new payment method for bail bonds in New York, according to a unique New York State Assembly Bill.
New York legislator Latrice Walker has introduced an assembly bill that could be a turning point for stablecoins. According to the new bill, a bail bond could be paid for legally using stablecoin payments. Currently, options like cash, credit cards, and insurance bonds are available to seek bail.
The unique new bill could be a turning point for the crypto industry in New York as stablecoins and other digital assets continue to gain prominence and call for regulation.
The New York State Assembly bill specifically states, “The commissioner of taxation and finance, in conjunction with the chief justice of the unified court system and the director of the office of information technology services, or their respective designees, shall promulgate rules and regulations identifying forms of fiat-collateral-sized stablecoins acceptable for posting bail.”
The new bill calling for stablecoin payments for bail bonds has come just a few days after the Attorney General of New York proposed another bill regarding crypto regulation. The bill was supposed to regulate crypto firms under a regulatory environment in order to reduce instances of fraud.
But the latest New York State Assembly bill on stablecoin payments for bail bonds could be clearly viewed as a positive sign for the crypto industry in the state, with many New York Legislators seemingly in strong support of crypto regulation and implementation of its uses to drive adoption.