Fiat-backed stablecoins could be used to post bail in New York under proposed bill

A New York lawmaker has introduced a new costs that would see dollar-pegged stablecoins accepted as a legal form of payment for bail bonds. The partisan expense, introduced on May 10 by New York State Democrat Latrice Walker, information the pre-existing techniques of paying bail bonds, consisting of cash, insurance bonds, and credit cards and seeks to add “fiat-collateralized stablecoins” to the list. The New York Assembly Bill 7024. Source: Legiscan.The expense seeks to modify the states present criminal procedure law to include the fiat-collateralized class of digital possessions. It is unclear which major “fiat-collateralized stablecoins” would be consisted of under this new province and if any stablecoins would not be considered appropriate by New York officials. On Dec. 22, 2022, two guarantors posted $ 250 million in bail to Manhattan federal court on behalf of FTX creator Sam Bankman-Fried, which enabled him to be released on strict house detention up until his criminal trial occurs on October 2. Sam Bankman-Frieds bail agreement. Source: Department of Justice.The new costs comes less than a week after New York Attorney General Letticia James proposed brand-new policy on May 5 that would see the state given further power over crypto exchanges.The proposed legislation would give New York officials the power to issue subpoenas, impose civil charges for crypto firms breaking state law, and closed down companies supposedly associated with scams or illicit activities.Related: Stablecoins should be programmable to counter CBDCsWhile the introduction of this bill shows a determination from the New York state government to accommodate stablecoins in its criminal treatment law, James has actually been coming down hard on cryptocurrencies in current months. On January 5, James submitted a lawsuit versus former Celsius CEO Alex Mashinsky and more recently on March 9, James sued the Seychelles-based crypto exchange Kuoin for offering securities and products without registration.Magazine: Heres how Ethereums ZK-rollups can become interoperable