Bipartisan Senators Send Letter to Treasury, Demand Clarity on State Stablecoin Regulation Procedures Under the Genius Act

The Future of State Regulation

In the lead-up to the implementation of the U.S. stablecoin regulation law, the 'Genius Act', the Treasury's proposed rules have been criticized for not clarifying the procedures for state regulatory recognition. As a result, on the 16th, seven bipartisan Senators sent a letter to Treasury Secretary Scott Wessent, as reported by The Block and others.

The signatories include Senator Cynthia Lummis, chair of the Senate Banking Committee's Subcommittee on Cryptocurrencies, along with six other senators from both the Republican and Democratic parties.

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