New York would allow bail-ins in Stablecoins
Democrat Latrice Walker introduced a bill that would add digital assets to the list of permissible funds for bail bonds. The document overlaps with the New York Attorney General's Office initiative for additional leverage on cryptocurrency exchanges.
You can read the text of the bill at the link. Notably, only fiat-secured stabelcoins are mentioned as a permissible way to redeem collateral obligations.
How this will work in practice, given that there is still no regulatory definition of cryptocurrency in the U.S., is not entirely clear. But it is clear that the state wants to fill the coffers at the expense of the big "players" in the industry.
