Senators led by Lummis urge Treasury to clarify state role in GENIUS Act stablecoin rules

A bipartisan group of senators led by Cynthia Lummis says the Treasury Department's proposed stablecoin rules lack a clear process for states to certify their oversight is on par with federal standards, potentially shutting states out of the GENIUS Act framework.

• Senators from both parties say Treasury's proposed GENIUS Act rules lack clear timelines and procedures for state certification.
• The letter warns the process could be applied in a way that 'effectively forecloses future participation' by state regulators.
• Lawmakers want Treasury to issue written procedural guidance with clear timelines for state applications.
• The GENIUS Act allows state-level stablecoin oversight if states can demonstrate equivalent standards to federal supervision.

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Last updated 17 Jun 2026