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GENIUS Act Lacks ‘Necessary Guardrails’ For Investor Protection, NYAG Letitia James Tells Congress

  • On July 1, Attorney General Letitia James delivered an eight-page letter to Congress expressing concerns that the recently approved Senate GENIUS Act falls short in adequately protecting stablecoin issuers.
  • James argued that the current stablecoin bills, including the GENIUS and STABLE Acts, do not adequately protect investors or address risks posed by foreign issuers and anonymous transactions.
  • She proposed regulating stablecoin issuers like banks, requiring FDIC insurance, digital identity verification for holders, and eliminating non-bank issuers to strengthen oversight and protect community banks.
  • James cautioned that the lack of oversight in cryptocurrency dealings poses significant risks to investors, the broader economy, and national security, emphasizing the urgency of federal regulations by referencing $14 billion in crypto-related criminal activities reported in 2024.
  • Her call for stronger regulation reflects concerns about unchecked digital asset proliferation and could influence future federal oversight amid ongoing debate over stablecoin legislation.
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Amundi warns GENIUS Act could backfire, undermining dollar dominance

The post Amundi warns GENIUS Act could backfire, undermining dollar dominance appeared first on Daily Truth Report • DailyTruthReport.com.

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TokenPost broke the news in on Tuesday, July 1, 2025.
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