Including New York Attorney General Letitia James, New York prosecutors criticized the GENIUS Act, arguing that the bill grants an unwarranted "legitimacy" to stablecoins while allowing issuers to bypass key anti-money laundering and counter-terrorism financing regulations. Circle's Chief Strategy Officer stated that the company prioritizes financial integrity and will comply with the bill. The bill requires large issuers to have sufficient USD backing and to undergo annual audits.
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Including New York Attorney General Letitia James, New York prosecutors criticized the GENIUS Act, arguing that the bill grants an unwarranted "legitimacy" to stablecoins while allowing issuers to bypass key anti-money laundering and counter-terrorism financing regulations. Circle's Chief Strategy Officer stated that the company prioritizes financial integrity and will comply with the bill. The bill requires large issuers to have sufficient USD backing and to undergo annual audits.