<ul data-eligibleForWebStory="false"><li>New York Attorney General Letitia James is pushing for stricter regulations on stablecoins under pending U.S. legislation.</li><li>James criticized the GENIUS Act and the STABLE Act for lacking adequate safeguards, advocating for stablecoin issuers to be regulated more like traditional banks and consumer protections to be ensured.</li><li>The GENIUS Act, supported by the White House, aims to require stablecoins to be fully backed by cash or highly liquid assets, mandate audits for large issuers, and establish rules for foreign stablecoin operators.</li><li>The STABLE Act offers more state-level oversight flexibility but has not yet reached a full House vote. James believes that giving supervisory authority to the Federal Reserve is crucial for safeguarding the financial system and consumers.</li></ul>

NY Attorney General Pushes for Tougher Stablecoin Rules Amid Pending U.S. Legislation

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