United States of America: Introduced Bill A 7024 authorising fiat-collateralised stablecoins as a form of bail

On 10 May 2023, Bill A 7024, authorising fiat-collateralised stablecoins as a form of bail, was introduced in the News York State Senate. The Bill would authorise alternative payments for bail postings and proposes including fiat-collateralised stablecoins in the acceptable payment methods list. Stablecoins are cryptocurrency that is linked to a fiat currency. The Bill specifies that if, at the time of payment, the value of the stablecoin fell below 50% from the time the bail was set, then the court may request additional bail.