New York AG urges Congress to bolster protections in crypto bills

Letitia James argues that federal stablecoin bills should stipulate that issuers be regulated like banks and that they have FDIC insurance requirements to prevent systemic financial risks.

New York Attorney General Letitia James has urged Congress to strengthen pending stablecoin and crypto legislation, saying the current versions of the bills don’t protect investors.

James said in a letter addressed to Congress on Tuesday that the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act and the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act “do not contain the necessary guardrails to protect the American public.”

“We urge Congress to take the time necessary to draft legislation that will enhance innovation while protecting our banking system, that is the envy of the world,” she said.

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