Bipartisan Senators Urge Treasury to Preserve State-Level Stablecoin Oversight Under GENIUS Act

According to Odaily, a bipartisan group of senators led by Cynthia Lummis recently urged Treasury Secretary Scott Bessent to maintain state regulatory authority over certain stablecoin issuers when implementing rules under the GENIUS Act. The senators noted that the Treasury's proposed rules lacked clear timelines and standards for state regulatory frameworks to apply for, undergo review, and obtain certification, creating uncertainty for states. They emphasized that varying legislative cycles across states—some operating on two-year schedules—require a flexible, continuously open certification mechanism to enable states to apply for approval as needed, rather than being constrained by timing mismatches that could limit innovation and competition.
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