Yes, and it is usually a far cheaper alternative.
In the event of certain road violations, many states require proof of financial responsibility in the form of an SR-22 or a deposit in cash or security. The SR-22 is usually the least expensive option. For example, in Illinois, drivers can either submit an SR-22 or $70,000 in cash. In California, the alternative to the SR-22 is $35,000 in cash.