The New York Attorney General, Letitia James sounded the alarm on the Stables bill of the US Senate, warning Congress on Monday that the purchase and establishment of national innovation for American staboins of 2025 (GENIUS) Act – at least as it is currently – “do[es] do not contain the railing necessary to protect the American public. »»
In an eight -page letter sent on Monday, James urged the congress to slow down its efforts to adopt stable legislation and “take the time necessary to write legislation that will improve innovation while protecting our banking system which is the desire for the world”.
This is not James’ first letter at the Congress The Warning of Dangers of what it called “the uncontrolled proliferation of digital assets”. In a letter from April to four members of the Congress, James asked that any legislation on digital assets included several “principles of common sense”, including the stalins exercised and prohibit cryptocurrencies in retirement accounts. In June, James submitted a statement to the Chamber’s Financial Services Committee on the Crypto Market Structure Bill, the Digital Asset Market Act (CLARITY)that she said “does not do enough to protect interest, investors and national security in the United States”.
In his last letter, James presented a proposal to overhaul the bill, starting with the regulation of stable issuers as banks and “eliminating non -banking issuers” of the bill. She added that stablecoin issuers should be forced to be domiciled in the United States, calling for the act of genius for “Lev[ing] The place for foreign transmitters of US dollar dollar and the stablecoins supported to operate, essentially creating the “fastening flaw”.
“The United States must maintain the control of stablecoin issuers to Pius to a dollar – in particular as the showing of the floors is developing and that their property of American treasury bills becomes systematically important for the US Treasury markets,” James wrote. “Congress should not risk that US markets are held hostage by stablades at foreign home stablades.”
James also suggested that Stablecoin issuers are required to identify holders via “digital identity information”.
“Without a digital identity, the capacity of the law enforcement to prevent the parties from engaging in sanctions escape, terrorist and illicit funding, money laundering and violations of the law on foreign corruption practices, the law on the disclosure of lobbying and other federal and anti-fraud laws will be hampered,” James wrote.
The Senate adopted the law on engineering earlier this month. The House of Representatives has its own stable bill, the stable act, seated before him, although he can also choose to take the version of the Senate as. The representative French Hill, the president of the Chamber’s Financial Services Committee, said on several occasions that the version of the Chamber and the Senate had significant differences that were to be calculated, and we do not know exactly what the room will do at the time of the press.
