I’ve been watching Tether and Circle celebrate Washington’s new stablecoin rulebook, and then I saw New York’s top prosecutors try to rip the shine off it. In a warning that’s now circulating through policy circles, they argue the law that was supposed to “de-risk” dollar tokens may also make it easier for issuers to sit on disputed funds, and even earn on them, while victims fight to get paid back. The Guiding and Establishing National Innovation for U.S. Stablecoins Act - the GENIUS Act - became law on July 18, 2025, the first major federal framework for payment stablecoins. It has been celebrated as a long-awaited ... (full story)