New York Introduces Bill to Accept Stablecoins as Payment for Bail

Howdy — Thu, 11 May 2023 02:04:00 +0000

Cetoex News – One American state has introduced legislation that will undoubtedly impact hte digital asset landscape. Specifically, New York has introduced a bill that would accept stablecoins as a form of payment for bail.

Assembly Bill number 7024 would amend the current criminal procedure law to now include the digital asset class. Moreover, the legislation states its intention not to authorize “fiat-collateralized stablecoins as a form of bail,” within the state.

New York Introduces Stablecoin Bill

Stablecoins are among the most popular digital asset offerings that the industry has crafted. Moreover, the stability garnered from their backing by fiat currencies grants them the potential for easier integration. Now, new legislation is set to do just that.

New York has introduced a new bill that would accept stablecoins as a form of payment for bail. Moreover, the bill would amend the existing acceptable forms of bail payment, which include cash, credit cards, and various bonds, to now include the digital asset class.

Specifically, the new legislation notes that “fiat-collateralized stablecoins,” be introduced as acceptable payment under the amended criminal procedures. Subsequently, the acceptance of the bill could open the door to a variety of stablecoin implementations in the state and beyond.

The development comes after New York Attorney General Letitia James proposed newfound cryptocurrency regulations. Additionally, James announced “landmark legislation to tighten regulations” on the digital asset sector in the state. Conversely, the stablecoin bill seems to be a step in the right direction.

Amid the regulatory uncertainty of the industry in the US, developments like these remain important. Nevertheless, the debate over the digital asset sector in the country will continue to be vital. Especially as political elections arrive in the coming year.

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Will New York impose a fee on Crypto organisations?

Howdy — Sun, 11 Dec 2022 02:30:32 +0000

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Cetoex News – Over the last couple of years, regulations have been an important topic in the crypto industry. While steering away from governments, the industry went on to seek better and clearer regulations. While most countries have been drafting pertinent laws to govern the industry, the US has been rather indifferent. More recently, it was brought to light that the New York State Department of Financial Services [DFS] had put up a proposal to charge firms to regulate them.

DFS put up a proposition that would bring in modifications to the existing laws. Through this, the entity would be allowed to charge licensed crypto firms for regulating them.

As December started, DFS Superintendent Adrienne Harris went on to submit this proposal for public feedback. The public has been given a period of 10 days to decide their stance on the proposal.

“To effectuate the authority granted by the recent amendment of the FSL, this regulation sets forth the basis for allocating the Department’s costs and expenses among Licensees, and the process for making such assessments. This regulation only applies to Licensees, and the assessment only covers the costs and expenses associated with the Department’s oversight of each person’s virtual currency business activities.”

Will this move prove to be detrimental to the crypto industry or make way for better laws?

Harris believed that through this process, DFS would hold firms to the “highest standards in the world.” With the entity collecting supervisory costs, Department will be able to continue safeguarding consumers and guaranteeing the safety and soundness of the industry.

As mentioned earlier, the US does not have a great track record for its crypto regulations. Several crypto proponents have called out government entities that have failed to put forth clear regulations in place.

Additionally, as seen over the last couple of months, the bear market was seen bringing in major losses to the industry. Therefore, the latest move would pose to be detrimental to the market. It is most likely that the public’s feedback would be negative toward DFS’s latest proposal.

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New York Introduces Bill to Accept Stablecoins as Payment for Bail

New York Introduces Stablecoin Bill

Will New York impose a fee on Crypto organisations?

Will this move prove to be detrimental to the crypto industry or make way for better laws?