According to ChainCatcher and Coindesk, New York State Attorney General Letitia James warned Congress that the "Guiding National Innovation and Establishing Stablecoin Act of 2025" (GENIUS Act) lacks the necessary safeguards to protect American citizens.
In an eight-page letter, James urged Congress to slow down the stablecoin legislation process and "take time to draft a bill that promotes innovation while protecting our globally admired banking system." In her latest letter, James proposed comprehensive amendments to the act, primarily suggesting that stablecoin issuers be regulated as banks and disqualifying non-bank issuers. She also demanded that stablecoin issuers must be registered in the United States.
