TechFlow, July 2 — According to The Block, on July 1, 2025, New York Attorney General Letitia James sent a letter to members of Congress warning that the currently advancing stablecoin bills, the GENIUS Act and the STABLE Act, lack necessary safeguards and could endanger the interests of the American public. James recommended that stablecoin issuers be more strictly regulated as banks, required to provide deposit insurance, and that oversight authority over non-bank stablecoin issuers be granted to the Federal Reserve. Although the White House supports the GENIUS Act and President Trump hopes to sign the legislation before August, James emphasized that Congress should take the necessary time to craft legislation that both fosters innovation and protects the U.S. banking system.
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