A new bill proposed in New York is aimed to allow people to use stablecoin for bail bond payment.
“Bail bond” is an agreement by a criminal defendant to appear for trial or pay a sum of money set by the court. Alternatively, we can say that a bail bond is a collateral against the restricted freedom of the defendant and it is part of the government court system.
On 10 May 2023, New York Assembly Bill 7024 was introduced and now this bill is in the initial phase to go through approval, so don’t consider that bill has been approved but the bill surely includes a crypto-friendly measure.
Bill includes a provision to allow stablecoin payment for the bail bond, alongside other payment options like cash, insurance, and credit cards.
This bill is specially mentioned to allow the regulatory approval for fiat-pegged stablecoins, meaning there is no space for crypto assets protocol-backed stablecoins.
Around a less than week ago, Bloomberg reported that the New York Attorney General (NYAG) Letitia James has drafted legislation to bring strict crypto regulation policies amid surging crypto-related fraud activities.
James also shared the main points of her proposed legislation on her Twitter handle. Through legislation she brought provisions to give compensation to the victims of crypto fraud & force crypto auditing for all the companies.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.