New York Attorney General Letitia James has called on U.S. congressional leaders to implement federal regulations for digital assets, highlighting the “unique risks” they pose. In her letter, James suggested that crypto companies should be required to register with a federal agency to establish minimum standards for crypto tokens. Her appeal coincides with Congress’s move to pass the GENIUS Act, aimed at clarifying stablecoin regulations.
James emphasized the importance of stablecoin issuers having a U.S. presence to safeguard the dollar and treasury markets. She also expressed concerns about Bitcoin’s potential to challenge the U.S. dollar’s global dominance, which could weaken America’s economic influence.
Citing increasing crypto fraud, James urged for stronger federal regulations to protect investors. She noted that many New Yorkers have lost money to crypto scams that could be prevented with tougher regulations. The plea aligns with a recent bill introduced by New York lawmakers targeting cryptocurrency fraud, including rug pulls.
