GENIUS Act
New York prosecutors have warned that the GENIUS Act, a new law regulating stablecoins, fails to protect fraud victims and allows issuers to profit from stolen funds. In a letter to key senators, Attorney General Letitia James and District Attorney Alvin Bragg argue the legislation provides legal cover to companies like Tether and Circle. They claim these firms resist returning seized assets, prioritizing their own financial gains.
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U.S. Representative Warren Davidson has warned that the GENIUS Act, signed into law in 2025, is pushing the cryptocurrency industry toward greater surveillance and centralization. He argues that the legislation favors banks and erodes Bitcoin's decentralized principles, contributing to stagnant U.S. markets. Davidson also highlighted delays in the CLARITY Act as exacerbating regulatory uncertainty.