The bill was introduced by local Democratic congresswoman Latrice Walker.
The document details pre-existing bailout methods, including cash, insurance bonds, and credit cards, and adds “stable coins backed by fiat” to that list.
Exactly which “stable fiat-backed coins” are to be permitted by New York authorities is not specified.
The new bill comes less than a week after the New York Attorney General proposed legislation on May 5 that would give the agency expanded authority to regulate the cryptocurrency industry.
The New York attorney general’s office has repeatedly warned the public in recent years about the risks associated with investing in cryptocurrencies.
In December, the agency proposed to ban investments in crypto-assets from pension funds.