A new bill has been introduced in New York that would see fiat-collateralized stablecoins become an accepted form of payment for bail bonds.
A New York lawmaker has introduced a new bill that would see dollar-pegged stablecoins accepted as a legal form of payment for bail bonds., introduced on May 10 by New York State Democrat Latrice Walker, details the pre-existing methods of paying bail bonds, including cash, insurance bonds, and credit cards and seeks to add “fiat-collateralized stablecoins” to the list.The bill seeks to amend the state’s current criminal procedure law to include the fiat-collateralized class of digital assets.
It is unclear which major “fiat-collateralized stablecoins” would be included under this new purview and if any stablecoins would not be deemed acceptable by New York officials.
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