New York Attorney General writes to Congress: GENIUS Stablecoin Act lacks investor protection

Odaily News New York Attorney General Letitia James has warned Congress that the GENIUS Act, passed by the U.S. Senate, “lacks the necessary guardrails to protect the American people.” In an eight-page letter, James urged Congress to slow down the process of stablecoin legislation and “take the time to draft a bill that will promote innovation while protecting our globally envied banking system.” In her latest letter, James proposed a comprehensive revision of the bill, starting with regulating stablecoin issuers as banks and disqualifying non-bank issuers. She also required stablecoin issuers to be registered in the United States.