Bipartisan Senators Led by Lummis Urge U.S. Treasury to Maintain State-Level Stablecoin Regulatory Authority Under GENIUS Act

06/16 23:41

On June 17, a bipartisan group of senators led by Cynthia Lummis sent a letter to U.S. Treasury Secretary Scott Bessent, urging the department to preserve state regulatory authority over certain stablecoin issuers while developing implementation rules for the GENIUS stablecoin legislation. The GENIUS Act was signed into law last year, establishing a federal regulatory framework for stablecoins, requiring that stablecoins be fully backed by U.S. dollars or similarly high-liquid assets, and mandating annual audits for issuers with a market capitalization exceeding $50 billion, while also setting rules for offshore issuance. The legislation allows stablecoin issuers with a market capitalization of no more than $10 billion to be regulated at the state level, provided that the relevant state regulatory frameworks are 'substantially similar' to federal requirements. The senators expressed concern that the rules previously proposed by the Treasury did not clearly outline the timeline and standards for state regulatory framework applications, reviews, and certifications, creating uncertainty for states. The letter noted that legislative cycles vary significantly across states, with some states even adopting a biennial legislative cycle, thus necessitating a flexible and continuously open certification mechanism to ensure that states can apply for certification as demand arises, rather than being constrained by timing mismatches that limit innovation and competition.

Tăng giáGiảm giáThíchChia sẻ

Tuyên bố miễn trừ trách nhiệm：Nội dung trên không đại diện cho quan điểm của HTX.，HTX không đưa ra bất kỳ lời khuyên giao dịch nào.。