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New York Attorney General Criticizes GENIUS Act
In a strongly worded letter to congressional leaders, New York Attorney General Letitia James has spoken out against the proposed GENIUS Act, warning that it would undermine consumer protections and erode long-standing regulatory frameworks. The bipartisan legislation aims to limit state-level regulation of digital assets, drawing criticism from several state officials.
James emphasizes that New York’s BitLicense framework and other oversight tools have played a vital role in safeguarding investors and prosecuting bad actors. She argues that the GENIUS Act would “tie the hands of state regulators just as we are beginning to hold this lawless industry accountable.”
The proposed bill, introduced by Reps. Trey Hollingsworth (R-IN) and Darren Soto (D-FL), seeks to streamline crypto oversight by vesting primary regulatory authority with key federal agencies. Proponents argue that this would provide clarity for companies and reduce the compliance burden from a patchwork of state laws, but critics say it favors industry players at the expense of public protection.
James’ criticism of the GENIUS Act is part of a growing debate over who should lead regulation in the crypto space—states or the federal government.
Source: fullycrypto.com
