New York prosecutors warn: GENIUS law could enable cryptocurrency fraud and hamper law enforcement efforts
2026-02-20 20:49:42
New York prosecutors have issued a public warning about the potential risks associated with the GENIUS (Global Encrypted Network for International User Security) bill currently being debated at the federal level.According to prosecutors, the provisions of the law may create additional obstacles to the investigation of cryptocurrency-related crimes. In particular, the concern is that GENIUS provides for enhanced user anonymity and restricts access to transaction information, even for law enforcement."With crimes involving digital assets on the rise - cryptocurrency fraud losses in the U.S. exceed $4.5 billion in 2025 alone - any legislative initiatives that limit investigative capabilities could lead to further increases in crime," commented a spokesperson for the New York State Attorney's Office.Prosecutors emphasize that effective investigation of financial crimes requires timely access to transaction data and identification of suspects. They urge lawmakers to take into account the opinion of specialists and ensure a balance between the protection of user privacy and the need to prevent crimes.Currently, the discussion of the bill continues, and experts expect that the final version of the document will include amendments aimed at preventing abuses in the cryptocurrency sphere.
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