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New York Attorney General warns stablecoin law lacks fraud protections for victims under the GENIUS Act.

Stablecoin Law Sparks Fierce Backlash as NY AG Exposes Critical Fraud Protection Gaps

February 3, 2026 j n

New York, April 2025: A proposed federal law designed to bring regulatory clarity to stablecoins is facing intense scrutiny and backlash from state law enforcement. The stablecoin law, formally known as the Generative Economic Nexus for Internet Usability and Stability (GENIUS) Act, is under fire for what the New York Attorney General’s office describes as […]