New York State Attorney General expresses concern over 'Genius Act'… "Insufficient protections for the public"
JH Kim
Summary
- The New York State Attorney General expressed concern that certain provisions of the Genius Act do not provide sufficient protection for the public.
- She warned that overseas issuers of dollar-based stablecoins could pose risks to the U.S. financial market.
- The Attorney General suggested implementing remedies such as the introduction of digital identity verification for stablecoin issuers.
According to CoinDesk, a media outlet specializing in virtual assets (cryptocurrency), on the 1st (local time), Letitia James, the Attorney General of New York State, expressed concern about certain provisions of the stablecoin regulation bill, 'Genius Act.'
She stated, "The current bill lacks sufficient safeguards to protect United States citizens," urging Congress to delay its passage.
She particularly warned, "There is a risk that foreign issuers issuing dollar-based stablecoins could hold the U.S. financial market hostage."
She also proposed additional measures, stating, "Stablecoin issuers should clearly identify holders through digital identity verification."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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