U.S. senators urge Treasury not to leave states out of GENIUS Act stablecoin process
CoinDesk 2026-06-16 20:36:09
Context: U.S. Senators, led by Republican Cynthia Lummis, are urging the Treasury Department to include states in the process of supervising stablecoins, as outlined in the GENIUS Act. The senators are concerned that states may be left out of this process, which could have significant implications for the regulation of stablecoins in the United States. The GENIUS Act aims to establish a framework for the regulation of stablecoins, and the senators want to ensure that states have a role in overseeing these digital assets.
Key Facts
- Senators led by Republican Cynthia Lummis are urging the Treasury Department to ensure that states have a process to prove their ability to supervise stablecoins as part of the GENIUS Act.
- The GENIUS Act aims to establish a framework for the regulation of stablecoins in the United States.
- The senators are concerned that states may be left out of the process of supervising stablecoins, which could have significant implications for the regulation of these digital assets.
- The Treasury Department is currently considering how to implement the GENIUS Act, and the senators are pushing for state involvement in the stablecoin supervision process.
- Republican Senator Cynthia Lummis is leading the effort to ensure that states are included in the GENIUS Act stablecoin process, alongside other senators who share her concerns.