New York Attorney General Letitia James warns that stablecoin bills pose a danger to Americans.

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The stablecoin regulations in Washington are putting American citizens at risk and need to be strengthened, according to Letitia James, the Attorney General of New York.

Ms. James stated that the GENIUS Act needs to strengthen regulations on stablecoin issuers like banks and require insurance for deposits. This bill has been passed by the Senate and received support from the White House, with President Donald Trump hoping to sign it in August. However, Ms. James expressed concern that both the House's STABLE Act and the GENIUS Act lack necessary protections for the public. She also suggested that the Federal Reserve should oversee non-bank stablecoin issuers to ensure independence in supervision.

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