The GENIUS stablecoin bill does not protect against fraud…
🛡 New York Attorney General Letitia James and four district attorneys signed a letter stating that the GENIUS Act would “provide legal cover” for stablecoin issuers.
“The reality is that funds stolen in USDT or converted into USDT will never be frozen, seized, or returned,” the letter says, as reported by CNN.
➡️ The letter notes that Tether independently decides whether to cooperate with law enforcement on recovering stolen funds in each specific case, and that Circle’s policy in this regard is allegedly even worse.
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