New York Attorney General Letitia James has raised concerns that proposed federal legislation on stablecoins lacks the safeguards needed to protect investors and prevent financial instability. In a June 30 letter to Congress, James warned that the STABLE Act and GENIUS Act fail to impose the necessary oversight on stablecoin issuers. She stated:

We recognize the urgency and importance of getting stablecoin legislation right; however, we have serious concerns that the STABLE Act and the GENIUS Act do not contain the necessary guardrails to protect the American public.

James urged lawmakers to treat stablecoin issuers as banks—subjecting them to Federal Reserve supervision, capital and liquidity standards, access to the Fed’s discount window, and mandatory audits. She called for customer funds to be held in bankruptcy-remote structures, for retail holders to receive timely redemption rights, and for issuers to maintain records enabling pass-through FDIC insurance.

Interest-bearing stablecoins, she argued, should be regulated as securities. The New York Attorney General also recommended requiring digital identity credentials for wallet holders to enforce anti-money laundering and know-your-customer standards. Foreign issuers that don’t meet U.S. rules should be barred from the market.

The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act passed the Senate on June 17, 2025. It proposes a dual federal and state regulatory path for payment stablecoins, with federal oversight for larger issuers. The Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act has advanced through a House committee. This separate bill also requires full backing and transparency but has stricter provisions regarding algorithmic stablecoins. Both aim for clarity and consumer protection, but their differences necessitate reconciliation for a unified federal stablecoin law.

To protect community banking and underserved areas, James said in her letter that non-bank issuers should be prohibited and required to meet Community Reinvestment Act obligations. She also called for states to retain enforcement authority, for subpoenas to be honored without delay, and for violations to be clearly defined to ensure effective penalties. James emphasized:

We urge Congress to take the time necessary to draft legislation that will enhance innovation while protecting our banking system that is the envy of the world.

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