A bill that would enable some stablecoins to be accepted as payment for bail bonds has been introduced by a New York lawmaker. The bill seeks to include the class of digital assets with fiat collateral in the state’s criminal procedure law. It’s unclear which significant “fiat-collateralized stablecoins” would fall under this new definition and whether any stablecoins would be rejected by New York authorities. The legislation was introduced less than a week after New York Attorney General Letticia James suggested new rules that would give city authorities more control over cryptocurrency exchanges.
Fiat-backed stablecoins could be used to post bail in New York under proposed bill
