New York Attorney General Letitia James sounded the alarm on the U.S. Senate’s stablecoin bill, warning Congress on Monday that the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act — at least as it currently stands — “do[es] not contain the necessary guardrails to protect the American public.”

In an eight-page letter sent Monday, James urged Congress to slow down its efforts to pass stablecoin legislation and “take the time necessary to draft legislation that will enhance innovation while protecting our banking system that is the envy of the world.”

This is not James’ first letter to Congress warning of the dangers of what she has called “the unchecked proliferation of digital assets.” In an April letter to four members of Congress, James asked that any digital asset legislation included several “common sense principles” including onshoring stablecoins and disallowing cryptocurrencies in retirement accounts. In June, James submitted a statement to the House Financial Services Committee about the House’s crypto market structure bill, the Digital Asset Market Clarity Act (CLARITY), which she claimed “does not do enough to protect America’s interests, investors, and national security.”

In her most recent letter, James laid out a proposed overhaul of the bill, beginning with regulating stablecoin issuers as banks and “eliminating non-bank issuers” from the bill. She added that stablecoin issuers should be required to be domiciled in the U.S., calling out the GENIUS Act for “leav[ing] room for foreign issuers of U.S. dollar denominated and backed stablecoins to operate, essentially creating the ‘Tether loophole.’”

“The U.S. must maintain control over dollar-pegged stablecoin issuers — especially as stablecoin issuance grows and their ownership of U.S. Treasuries becomes systemically important to the U.S. Treasury markets,” James wrote. “Congress should not risk American markets being held hostage by foreign-domiciled stablecoin issuers.”

James also suggested that stablecoin issuers be required to identify holders via “digital identity credentials.”

“Without digital identity, the ability of law enforcement to stop parties from engaging in sanctions evasion, terrorist and illicit financing, money laundering, and violations of the Foreign Corrupt Practices Act, the Lobbying Disclosure Act and other federal and state anti-fraud statutes will be hobbled,” James wrote.

The Senate passed the GENIUS Act earlier this month. The House of Representatives has its own stablecoin bill, the STABLE Act, sitting before it, though it could also choose to take up the Senate version as-is. Rep. French Hill, the House Financial Services Committee chair, has said on multiple occasions that the House and Senate version have important differences that need to be ironed out, and it’s unclear just what the House will do as of press time.

Who is James Wynn Crypto? Wynn carves out a strange kind of fame in Crypto Surcles, part traders, and some spectacles. His massive victory, even greater losses, and the need for less funding have put him under the microscope.

And now Wynn is back Another Long leverage!

The problem with talking to the arena crowd is that the market moves when the public spirit breaks. After he repeatedly liquidates and gives up on the idea, it’s time to move. There are many such cases, but this time it might work for Win!

If you want to see the fun, this is his address.

Who is James Wynn Crypto? Big bets for 100 million dollars with 40x leverage

After vowing to leave, James Wynn disagreed. On Monday, he moved the liquidation price on slivers to fine-tune $100 million Bitcoin, dropping $20,000 in donations into high fat to fine-tune $100 million Bitcoin.

With 40x leverage, all ticks are important.

James Wynn deposited $20,460 in donated funds in his high lipid account

This will move his liquidation price from $103,632 to $103,610 (-0.021%) pic.twitter.com/n0rotl79pp

– Arkham (@arkham) June 2, 2025

The rise of Wynn was a pure code legend: $7,000, $25 million. But the comeback tour was cruel. His unrealized profits evaporated, millions vanishing, and his accounts showed just $16 at one point. He is still trading. Now it’s the same as other people’s money.

General ideas about investment, or at least what I learned in school, is As capital increases, risk decreases. Winn is the opposite abnormal. I put my hand out.

Hyperliquid Hypnosis Tokens Hit New Highs

In May, Wynn is Mimecoin, already overwhelmed by controversy, working with Andrew Tate to promote Moon Pig. This collaboration blurred the line between bad judgment and intentional provocation. Whether Winn is running a cover for the scheme or is obsessed with the spotlight remains an open question.

Hyperliquid, the venue for most of his deals, hasn’t missed the beat. Last month, the token was a record-breaking hype, with the exchange clearing up $244 billion in volume. Wynn may be a court clown, but the kingdom he plays is booming.

Crypto Platform MoonPay has been removed, “Wake me up when there’s a better main character.”

Lessons from Wynn’s Chaos

Winn’s latest position puts him at risk for liquidation, with Bitcoin’s recent move wandering between $103,613 and $105,000.

Whether he emerges as a winner from this mixed chaos or as a warning story, one thing is clear.

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Key takeout

• Who is James Wynn Crypto? Wynn carves out a strange kind of fame in Crypto Surcles, part traders, and some spectacles.

• Winn’s latest position puts him at risk for liquidation, with Bitcoin’s recent move wandering between $103,613 and $105,000.

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Author

Jai Pratap

Author

Jai Pratap

About Author

Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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Last updated: 

May 24, 2025

Crypto trader James Wynn has closed a massive $1.25 billion Bitcoin long on Hyperliquid—built with 40x leverage—at a $13.4 million loss, despite briefly sitting on $40 million in paper profits. The trade, one of the largest ever on the platform by a single trader, had a liquidation price of $105,179.

Trader Cuts Losses After Bitcoin Dips on Hyperliquid

Wynn began his Bitcoin long position with $830 million on May 21, trimming $400 million in profits the same day. By May 22, the trader increased the position back up to $1.1 billion as BTC crossed $110,000 and gained nearly $40 million in unrealized profits. He later sold 540 BTC for $60 million, securing a $1.5 million profit.

The crypto trader confirmed on X that he “cut his losses” on closing his highly leveraged long positions.

Before going all in on Bitcoin, James Wynn had closed a long position on PEPE for a profit of $25.19 million.

Bitcoin was cruising to new all-time highs this week before it dipped on Trump’s 50% tariff announcement on all EU imports. The leading cryptocurrency saw a local bottom at $107,431 on late Saturday. At the time of writing, Bitcoin is trading at $108,238.

Hyperliquid Sees One of Biggest Trades by a Single Trader

The decentralized crypto exchange Hyperliquid saw one of the biggest trades by a single trader when James Wynn opened a long position that reached $1.25 billion. This long bet signifies a shift among traders as trust of DEX increases. The native token of the exchange HYPE saw its demand rise as the price increased to $34.64, up 4.2% in the last 24 hours.