New York Attorney General Letitia James, alongside four district attorneys, has issued a formal warning that the proposed federal stablecoin legislation, the GENIUS Act, fails to adequately address fraud and could provide "legal cover" for issuers. According to a CNN report, the letter specifically targets industry giants Tether and Circle, accusing them of profiting from crimes in stablecoin markets and operating with inconsistent law enforcement cooperation.
The regulatory concern emerges as the broader cryptocurrency market experiences significant volatility. Bitcoin (BTC) plunged over 11% in a week, dropping from $87,000 to a low of $74,600, driven by macro headwinds including geopolitical tensions and a strengthening US dollar. Veteran trader Peter Brandt has suggested Bitcoin could potentially drop to $54,000 this cycle, though bulls are currently defending the $74,000 support level.
Amid the downturn, investor attention is shifting towards new, low-capitalization projects. DeepSnitch AI ($DSNT) is highlighted as a major beneficiary, with its presale raising over $1.47 million and its token price reaching $0.03830, representing a gain of more than 153% for early backers. The project markets itself as an AI-powered trading intelligence ecosystem designed to help investors navigate volatile markets.
Other projects mentioned include Bitcoin Hyper, a Layer-2 scaling solution for Bitcoin using a non-custodial bridge and the Solana Virtual Machine, currently in presale with a target listing price of $0.013675. Vortex FX is another Solana-based project aiming to combine Web3 with traditional finance through AI-driven automated trading. The meme coin Bonk (BONK) also experienced a 5% drop, mirroring the broader altcoin market decline.
The core argument presented is that regulatory uncertainty creates market discounts, positioning projects like DeepSnitch AI as "premium assets on sale." The article heavily promotes the DeepSnitch AI presale, offering a 300% bonus code (DSNTVIP300) and emphasizing its potential to "outshine" other investments during the market downturn.
