According to online reports, New York State Attorney General Letitia James issued a warning to Congress, pointing out that the U.S. stablecoin National Innovation Guidance and Establishment Act of 2025 (GENIUS Act) passed by the U.S. Senate "lacks the necessary guardrails to protect the American people." In an eight-page letter, James urged Congress to slow down the stablecoin legislation and "take the time to draft a bill that will promote innovation while protecting the banking system we envy around the world." In the latest letter, James proposed a comprehensive amendment to the bill, starting with regulating stablecoin issuers as banks and disqualifying non-bank issuers. She also required issuers of stablecoins to register in the United States.