In an eight-page letter, Letitia James, New York's attorney-general, warned Congress that the Senate-passed GENIUS Act of 2025 "lacks the necessary guardrails to protect the American people". In an eight-page letter, James urged Congress to slow down stablecoin legislation and "take the time to craft a bill that promotes innovation while protecting our globally envied banking system". In her latest letter, James proposes sweeping changes to the bill, starting with regulating stablecoin issuers as banks and disqualifying non-bank issuers. She also requires stablecoin issuers to register in the United States.