🚨 PROSECUTORS SOUND ALARM ON THE GENIUS ACT

​New York Attorney General Letitia James, alongside four district attorneys, has issued a formal warning regarding the GENIUS Act. According to a CNN report, these prosecutors argue the legislation could inadvertently shield stablecoin-related fraud. $RIVER

​The core of their argument includes:

​Legal "Cover" for Fraud: Officials fear the act provides a loophole that protects illicit activity within the stablecoin market. $PENGUIN

​Conflicts of Interest: They allege that major issuers like Tether and Circle are incentivized to avoid full cooperation with law enforcement, allowing them to selectively freeze funds while continuing to profit from the remaining assets.

​Irrecoverable Losses: Prosecutors specifically warned that if funds are stolen or converted into USDT, the proposed framework might ensure those assets are never frozen, seized, or returned to victims. $TROLL

#GENIUSAct #StablecoinRegulation #USCryptoMarketStructureBill