New York Attorney General Letitia James and four district attorneys warn the GENIUS Act could “provide legal cover” for stablecoin fraud, per CNN.
They accuse Tether and Circle of being incentivized not to fully cooperate with law enforcement by freezing funds selectively while still profiting.
“Funds stolen in or converted to USDT will never be frozen, seized, or returned
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PROSECUTORS SOUND ALARM ON THE GENIUS ACT
New York Attorney General Letitia James and four district attorneys warn the GENIUS Act could “provide legal cover” for stablecoin fraud, per CNN.
They accuse Tether and Circle of being incentivized not to fully cooperate with law enforcement by freezing funds selectively while still profiting.
“Funds stolen in or converted to USDT will never be frozen, seized, or returned