US EditionGENIUS Act Lacks ‘Necessary Guardrails’ For Investor Protection, NYAG Letitia James Tells Congress
NEW YORK, UNITED STATES, JUL 1 – New York Attorney General Letitia James warns current stablecoin bills lack safeguards against fraud and foreign control, urging FDIC insurance and bank-like regulation for issuers.
- 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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14 Articles
GENIUS Act Lacks ‘Necessary Guardrails’ For Investor Protection, NYAG Letitia James Tells Congress
New York Attorney General Letitia James sounded the alarm on the U.S. Senate’s stablecoin bill, warning Congress on Monday that the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act — at least as it currently stands — “do[es] not contain the necessary guardrails to protect the American public.”In an eight-page letter sent Monday, James urged Congress to slow down its efforts to pass stablecoin legislation and…
Amundi Warns U.S. Stablecoin Policy Could Threaten Global Payments Stability
Amundi fears stablecoins may threaten financial stability and global payment systems. The GENIUS Act could accelerate dollar dominance and weaken monetary sovereignty. Stablecoins may act as quasi-banks, raising systemic risks in non-U.S. financial markets. Europe’s largest asset manager, Amundi, has issued a warning about the global impact of a surge in U.S.-backed stablecoins. This follows the recent approval of the GENIUS Act in the U.S Senat…
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Cryptocurrency News | Cryptocurrency Prices | Market CapAmundi warns GENIUS Act could backfire, undermining dollar dominance
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