Senators urge Treasury to include states in GENIUS Act stablecoin supervision process

U.S. senators led by Republican Cynthia Lummis urged the Treasury Department to give states an explicit process to prove they can supervise stablecoins under the GENIUS Act. According to CoinDesk, a Tuesday letter said Treasury’s proposed principles for assessing whether state regimes are “substantially similar” to the federal framework lacked timelines and procedural requirements for state certification, leaving states unclear on next steps. The lawmakers asked Treasury Secretary Scott Bessent for written guidance on application, review and certification with clear timelines and flexibility for varied state legislatures.