The Attorney General of New York State has proposed recommendations to Congress regarding the GENIUS Act.

According to Gate News bot, Coindesk reported that New York Attorney General Letitia James conveyed regulatory suggestions regarding the GENIUS Act to Congress. She pointed out that the Act has shortcomings in investor protection and provided specific recommendations for improvement to Congress.

Letitia James suggested incorporating stablecoin issuers into the banking regulatory system, while requiring holders to provide digital identity credentials to enhance regulatory enforcement. She also emphasized the need for a balanced legislative framework for stablecoins between innovation and the protection of the banking system.