PANews reported on July 2 that according to Coindesk, New York Attorney General Letitia James warned Congress that the GENIUS Act lacks the necessary protection for the American public. She urged Congress to slow down and draft stablecoin legislation that can strike a balance between innovation and protection of the banking system. Letitia James proposed to regulate stablecoin issuers as banks and require holders to provide digital identity credentials to enhance law enforcement capabilities.