CoinVoice has learned that, according to Coindesk, New York Attorney General Letitia James has warned Congress, pointing out that the "2025 U.S. Stablecoin National Innovation and Establishment Act" (GENIUS Act) passed by the U.S. Senate "lacks necessary safeguards to protect the American public."



James urged Congress to slow down the stablecoin legislation process in a letter spanning eight pages, stating that they should "take the time to draft a bill that can promote innovation while protecting our globally envied banking system." In the latest letter, James proposed a comprehensive revision of the bill, primarily to regulate stablecoin issuers as banks and eliminate the eligibility of non-bank issuers. She also demanded that stablecoin issuers must be registered in the United States.
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