New York lawmaker Latrice Walker has introduced a new bill proposing that certain stablecoins be accepted as bail payments.
Walker has introduced a new bill that would allow dollar-pegged stablecoins to be accepted as a legal payment method for surety payments. This bill, introduced on May 10 by Democrat Latrice Walker, details pre-existing methods for making surety payments, including cash, insurance bonds and credit cards, and aims to add fiat-backed stablecoins to the list.
It is not yet clear whether the bill will be accepted
The bill aims to amend the state’s current criminal procedure law to include the class of fiat-secured digital assets.
While it is not clear which stablecoins will take place in this context, it is not yet clear whether New York officials will accept this system. The new bill comes just after New York Attorney General Letitia James proposed a new regulation on May 5 that would allow the state to have more power over crypto exchanges.
The proposed legislation would empower New York officials to issue subpoenas, impose civil penalties on crypto firms violating state laws, and shut down companies allegedly involved in fraud or illegal activities.
While the submission of this bill demonstrates the New York state government’s willingness to include stablecoins in criminal law, James has been taking a hard line on cryptocurrencies in recent months.
James filed a lawsuit against former Celsius CEO Alex Mashinsky on January 5 and most recently sued Seychelles-based crypto exchange KuCoin on March 9 for selling securities and commodities without registration.
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