Senators urge Treasury ensure state authority in GENIUS application
A bipartisan group of US senators told the Treasury that its application of stablecoin laws should be done in a way that “preserves and promotes State participation.”
A bipartisan group of US senators led by Republican Senator Cynthia Lummis has urged the Treasury to ensure that state authorities are given the ability to regulate stablecoin issuers as the department considers how to implement the GENIUS Act.
In a letter to Treasury Secretary Scott Bessent on Tuesday, the lawmakers said it was critical that the Treasury implement a section of the law giving a pathway for certain issuers to be regulated by the states “in a manner that preserves and promotes State participation.”
The GENIUS Act allows issuers that have a stablecoin with a market value of $10 billion or less to be regulated by a state authority if that state has laws largely similar to the bill.
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