Senators led by Republican Cynthia Lummis are insisting the Treasury Department ensure states get a process to prove their ability to supervise stablecoins.
- U.S. senators, led by Cynthia Lummis, are urging the Treasury Department to provide clearer procedural guidance for states seeking to certify their stablecoin regulatory frameworks under the GENIUS Act.
- The senators expressed concern that the current proposals lack clear timelines and procedural requirements, potentially hindering states' ability to demonstrate their supervision is on par with federal standards.
- This push highlights ongoing debates about the balance between federal and state authority in regulating the burgeoning stablecoin market.
Topics: Legal regulatory, Jurisdictions, Political endorsements opposition, Securities law classification, Cross jurisdictional policy, Legislative debates
Tags: #genuisact #stablecoinregulation #cynthialummis #treasurydepartment #stateoversight #federalsupervision #certificationprocess #scottbessent #cryptolegislation
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