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NY Attorney General Slams GENIUS Act for Weak Fraud Protections

2/2/2026

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Summary

Story summary

New York Attorney General Letitia James criticizes the GENIUS Act for failing to protect fraud victims and allowing stablecoin firms to profit from crime.
Prosecutors argue the law lacks provisions to return stolen funds and could embolden issuers to resist law enforcement.
The act was signed into law in July to regulate stablecoins and has drawn skepticism about consumer protections.

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Story summary

New York Attorney General Letitia James criticizes the GENIUS Act for failing to protect fraud victims and allowing stablecoin firms to profit from crime.
Prosecutors argue the law lacks provisions to return stolen funds and could embolden issuers to resist law enforcement.
The act was signed into law in July to regulate stablecoins and has drawn skepticism about consumer protections.