A bipartisan group of U.S. senators has called on the Treasury Department to create a clear process for states to demonstrate their ability to supervise stablecoins under the GENIUS Act.
Senators led by Republican Cynthia Lummis sent a letter to Treasury Secretary Scott Bessent on Tuesday. They said the department's proposed principles for assessing state regimes did not address timelines or procedural requirements for state certification.
The lawmakers, including Angela Alsobrooks, Catherine Cortez Masto and Kirsten Gillibrand, warned that without clear guidance the certification process could block state participation. They asked for written procedural guidance with clear timelines and flexibility for state legislatures.
The GENIUS Act allows some state-level oversight of stablecoins if states prove their standards match federal requirements. The senators noted that states remain confused about next steps following the Treasury's April proposals.
