Five New York officials reportedly argued that the GENIUS Act could reduce incentives for stablecoin issuers to cooperate with law enforcement, potentially allowing criminal misuse.
Several New York district attorneys have reportedly warned about the United States 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 Tether and Circle, claiming that the companies have profited off crimes in stablecoin markets, specifically accusing Tether of only freezing some suspicious transactions in USDt (USDT).
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments