U.S. senators urge Treasury not to leave states out of GENIUS Act stablecoin process
U.S. senators are urging the Treasury Department to provide clearer procedural guidance for state regulators regarding the GENIUS Act stablecoin framework. Lawmakers expressed concern that a lack of defined timelines and certification requirements could inadvertently exclude states from participating in the regulatory process.
Why it matters
This highlights the ongoing tension between federal and state-level oversight in the rapidly evolving U.S. cryptocurrency regulatory landscape.
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act to regulate stablecoin issuers is being translated into regulations across several federal financial agencies, including the Treasury. But the opening effort may not have satisfied state regulators who are trying to push their own GENIUS-related regulations, according to a Tuesday letter from the lawmakers , led by Republican Senator Cynthia Lummis, chair of the Senate Banking Committee s crypto subcommittee.
The article reports on a bipartisan letter and legislative process without taking a stance on the merits of the regulation.
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