Law Meets Ledger: GENIUS Act Under Fire in New York

At the helm of this critical chorus stands Attorney General Letitia James, flanked by a quartet of district attorneys, including the ever-punctilious Alvin Bragg. They have penned a letter to Congress, deeming the GENIUS Act-ostensibly a paragon of stablecoin regulation-a woeful failure in its duty to shield the innocent from financial mischief. With the gravity of a society matron critiquing a poorly arranged ballroom, they argue the law bestows an “imprimatur of legitimacy” upon stablecoins while allowing their issuers to evade the very obligations that might curb the nefarious activities of terrorism financiers, drug traffickers, and the most odious of all, cryptocurrency scoundrels.




