A group of U.S. senators led by Republican Cynthia Lummis is pressing the Treasury Department to establish a clear, transparent process for states to demonstrate that their stablecoin regulatory frameworks are equivalent to federal standards. In a letter to Treasury Secretary Scott Bessent, the lawmakers argued that the Treasury's recently proposed principles for state certification under the GENIUS Act lack necessary procedural guidance, including timelines and requirements. Without such clarity, states risk being shut out of future participation in stablecoin regulation. The senators emphasized the importance of providing state regulators with a fair opportunity to prove their supervisory capabilities, ensuring consistency and flexibility across diverse state legislative environments. The letter was signed by several Republicans and Democrats, highlighting bipartisan concern over the implementation of the stablecoin law.

Key facts

• Senators demand Treasury create explicit stablecoin certification process for states.
• GENIUS Act allows state oversight if states prove equivalent federal standards.
• Lawmakers warn lack of clear guidance could exclude states from regulation.
• Bipartisan letter signed by Lummis, Alsobrooks, Cortez Masto, and Gillibrand.
• Treasury proposed principles in April but omitted procedural details.