New York State Attorney General: The "GENIUS Act" lacks the necessary protections for investors.

Gate News bot news, according to Coindesk, New York Attorney General Letitia James warned Congress that the "GENIUS Act" lacks the necessary protections for the American public. She urged Congress to slow down and draft stablecoin legislation that can strike a balance between innovation and the protection of the banking system.

Letitia James proposed to regulate stablecoin issuers as banks and required holders to provide digital identity credentials to enhance law enforcement capabilities.

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