On April 10, 2025, New York Attorney General Letitia James called on U.S. lawmakers to establish a comprehensive federal framework for regulating cryptocurrencies. In a letter sent to Senate Majority Leader John Thune and House Speaker Mike Johnson, she stressed the need to protect investors from fraud and called for mandatory registration of crypto companies with a federal agency.
James also proposed that stablecoin issuers be required to maintain a U.S. presence and hold reserves in cash-equivalent assets, such as U.S. Treasuries, deposited at U.S. banks. She argued that without clear national standards, Americans remain vulnerable to scams and platform failures.
This appeal coincides with efforts in Congress to introduce stablecoin-specific legislation. According to Reuters, a federal bill backed by members of the Trump administration, including adviser Bo Hines, is expected to move forward by August.
As regulatory momentum builds at both state and federal levels, the pressure to define clear rules for digital assets continues to mount.
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