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NYAG Letitia James Blasts GENIUS Act: ‘Dangerous Lack of Investor Protections’ Exposed

NYAG Letitia James Blasts GENIUS Act: ‘Dangerous Lack of Investor Protections’ Exposed

Author:
CoindeskEN
Published:
2025-07-01 17:24:06
15
2

GENIUS Act Lacks ‘Necessary Guardrails’ For Investor Protection, NYAG Letitia James Tells Congress

New York's top cop just threw a regulatory grenade at Capitol Hill. Attorney General Letitia James slammed the proposed GENIUS Act as a 'wild west bill' that would let crypto firms operate with shockingly few safeguards.

The warning shot comes as Congress weighs legislation that could reshape digital asset markets—for better or worse.

James didn't mince words: 'This isn't innovation—it's an invitation for fraudsters.' Her office cited three recent crypto enforcement cases where investors lost over $1 billion combined. Coincidence? She thinks not.

The bill's backers argue excessive regulation stifles blockchain development. James counters that without basic guardrails, Main Street investors become exit liquidity for Silicon Valley's latest 'disruption.'

As the crypto lobby floods Washington with cash, one question remains: When the next bull run turns to bust, who'll be left holding the bag—and the subpoenas?

|Square

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