Following NYAG's recent proposal of crypto regulations, the state of New York has put forward a new legislation to allow fiat-collateralized stablecoins to be used as bail bonds.
The law, however, makes no mention of the specific stablecoins to be introduced.new legislation to allow fiat-collateralized stablecoins to be used as a form of bail.
Currently, cash, insurance, and credit cards are authorized methods of paying bail bonds, according to the bill. The Crypto Regulation, Protection, Transparency, and Oversight Act would force cryptocurrency exchanges to undergo independent public audits.
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