U.S. senators urge Treasury not to leave states out of GENIUS Act stablecoin process
Senators led by Republican Cynthia Lummis are insisting the Treasury Department ensure states get a process to prove their ability to supervise stablecoins.
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Summary
- States need to be given a fair chance to demonstrate that their stablecoin regulatory approach is at the same level as federal supervision, according to a letter from several senators that suggests the Treasury Department didn’t provide a clear enough process for states in its most recent proposals.
- The GENIUS Act leaves room for some state-level oversight of stablecoins, as long as the states can demonstrate a certain level of proficiency.
