Senators Urge Treasury to Clarify Stablecoin Oversight Rules for States

A bipartisan group of U.S. senators is pressing the Treasury Department to provide clearer guidance on how state regulators can participate in the implementation of the newly enacted stablecoin law, arguing that states have been left uncertain about their role in the regulatory process. The lawmakers, led by Senator Cynthia Lummis, chair of the Senate Banking Committees digital assets subcommittee, sent a letter to Treasury Secretary Scott Bessent expressing concerns about the rollout of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.