Led by Republican Cynthia Lummis, senators are calling on the Treasury to create a pathway for states to demonstrate their capability in overseeing stablecoins.
By Jesse Hamilton|Edited by Nikhilesh De Jun 16, 2026, 8:36 p.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on U.S. Senator Cynthia Lummis and her colleagues have requested clearer guidelines from the Treasury regarding the GENIUS Act certification for states. (Jesse Hamilton/CoinDesk)SummaryShow- According to a letter from several senators, states should be allowed to demonstrate that their regulatory frameworks for stablecoins align with federal standards, as the Treasury's recent proposals lack clarity on this process.
- The GENIUS Act accommodates some state oversight of stablecoins, provided states can show adequate proficiency.
U.S. state regulators have been overlooked in the Treasury Department's implementation of the new stablecoin legislation, prompting bipartisan senators to assert that states require a defined process to validate their regulatory capabilities to match those of federal authorities.
The GENIUS Act, which aims to regulate stablecoin issuers, is currently being adapted into regulations across various federal financial entities, including the Treasury. However, state regulators feel their interests may not have been adequately addressed in these early efforts, as highlighted in a letter from lawmakers, spearheaded by Republican Senator Cynthia Lummis, who chairs the Senate Banking Committee's crypto subcommittee.
In the letter, which was co-signed by other Republicans and several Democrats, including Angela Alsobrooks, Catherine Cortez Masto, and Kirsten Gillibrand, it states, "The finalized principles from Treasury to evaluate whether state frameworks are substantially similar to federal guidelines are essential to this process." However, the letter notes that the principles put forth by the Treasury did not clarify the timeline and procedural requirements for state certification.
Consequently, state officials are left uncertain about the next steps they should take, as indicated by the senators, who have been actively involved in negotiating cryptocurrency legislation, including the pivotal Digital Asset Market Clarity Act, which is still progressing through the Senate.
"Stakeholders have expressed concerns that without explicit procedural guidance, the certification process could be misinterpreted or enforced in a way that limits future state involvement," the senators communicated in a letter to Treasury Secretary Scott Bessent, whose department had introduced stablecoin regulations in April.
The legislators are now seeking a renewed effort from the Treasury to create "written procedural guidance that outlines the application, review, and certification process for state frameworks," ensuring that this process includes "clear timelines and requirements" and is adaptable enough for the diverse legislative timelines of various states.
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
By CoinDesk ResearchJun 15, 2026In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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