Senators Request State Stablecoin Authority Clarification Under GENIUS Act on June 16

On June 16, U.S. senators led by Cynthia Lummis sent a letter to Treasury Secretary Scott Bessent requesting greater clarity on how states can participate in stablecoin regulation under the GENIUS Act, according to a US Senate statement. The bipartisan group, including Senators Kirsten Gillibrand and Bill Hagerty, argued that smaller issuers should not be forced into fully centralized federal oversight.

Under the legislation, stablecoin issuers with less than $10 billion in assets may operate under state supervision if their regulatory frameworks are deemed substantially similar to federal standards. Currently, only Tether's USDT, Circle's USDC, and USDS exceed this threshold. Senators requested Treasury provide clear application procedures, defined review timelines, and flexibility for states with varying legislative schedules.