Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, New York prosecutors warned that the US GENIUS Act could expose markets to fraud, Strategy disclosed a $75.3 million Bitcoin purchase made during last week’s sharp dip, and US spot Bitcoin ETFs fell underwater on average after $2.8 billion in investor outflows over the past two weeks.
New York Attorney General Letitia James and four other state prosecutors have warned Congress that the GENIUS Act could weaken fraud protections for stablecoin users, CNN reports.
In a letter to lawmakers, as viewed by CNN, the prosecutors said the bill fails to require stablecoin issuers to return funds lost to fraud or theft, arguing it could leave victims without restitution while limiting states’ ability to enforce consumer protection laws. They warned that the legislation may provide “legal cover” for stablecoin companies even when users are harmed.
