A group of U.S. lawmakers, headed by Senator Cynthia Lummis, has issued a formal call to the Treasury Department. The core of their demand is to ensure that state-level authorities maintain a seat at the table regarding the supervision of stablecoin issuers.
The senators argue that sidelining state regulators would undermine the existing dual-banking system. They emphasize that states have already developed robust frameworks to verify the operational integrity and financial stability of digital asset entities.
By demanding a clear verification process, the legislative group aims to prevent federal overreach that could stifle local innovation. They insist that the Treasury must acknowledge the proven capabilities of state agencies to handle the complexities of crypto-asset management.
This push for inclusion is seen as a critical hurdle for the GENIUS Act. As discussions continue, the balance between federal authority and state sovereignty remains the central point of contention for industry stakeholders.
