US EditionStablecoin law allows crypto firms to profit from fraud, prosecutors say
New York prosecutors say the GENIUS Act allows stablecoin issuers to profit from stolen reserves and impedes victims from recovering losses amid rising crypto fraud.
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10 Articles
NY Prosecutors Raise Alarm over GENIUS Act on Fraud: Report - Invest In Crypto News
Several New York district attorneys have reportedly warned about the US federal stablecoin law, the GENIUS Act, claiming it fails to adequately address fraud. According to a Monday CNN report, New York Attorney General Letitia James and four district attorneys signed onto a letter saying that the GENIUS Act will “provide legal cover” for stablecoin issuers to potentially participate in fraud. The letter reportedly pointed a finger at issuers Tet…
Five New York prosecutors denounce a major legal vacuum in the US regulation of stablecoins. According to them, the GENIUS law would protect transmitters more than victims of fraud. Tether and Circle find themselves at the heart of explosive accusations. The New York prosecutors criticize the GENIUS law on stablecoins appeared first on Cointribute.
GENIUS Stablecoin Bill Sparks Alarm: NY Prosecutors Decry Critical Fraud Weaknesses
BitcoinWorld GENIUS Stablecoin Bill Sparks Alarm: NY Prosecutors Decry Critical Fraud Weaknesses NEW YORK, March 2025 – A pivotal legislative effort to regulate the multi-trillion-dollar stablecoin market now faces severe criticism from top law enforcement officials. New York prosecutors have issued a stark warning that the proposed GENIUS stablecoin bill contains dangerous weaknesses in combating fraud. This development throws the future of U.S…
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