Senators urge Treasury on stablecoin oversight

A group of U.S. senators, led by Cynthia Lummis, is pressing the Treasury Department to establish a clearer process for states to gain approval for their stablecoin supervision under the GENIUS Act. The lawmakers argue that current proposals lack sufficient procedural guidance and clear timelines, potentially hindering states from demonstrating their regulatory frameworks are on par with federal standards. This lack of clarity could prevent states from participating in the stablecoin oversight process, despite the act allowing for state-level regulation if proficiency is proven. The senators are requesting explicit written guidance from the Treasury to ensure a fair and accessible certification process.