U.S. Treasury · Donald Trump · Scott Bessent · The Block
Bipartisan senators push Treasury to uphold states’ authorities under the GENIUS Act
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A group of bipartisan senators led by Sen.
Key facts
- In April, the Treasury Department issued a notice of proposed rulemaking to implement GENIUS, in which it proposed broad-based principles for determining whether a state-level regulatory regime
- President Donald Trump signed into law the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS, as it's more commonly known, which created a federal regulatory framework
- The Treasury Department did not immediately respond to a request for comment
- The Treasury's proposed rulemaking did not address a timeline and standards for stablecoin issuers to be regulated by states, creating a lack of clarity that "creates uncertainty for States
Summary
President Donald Trump signed into law the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS, as it's more commonly known, which created a federal regulatory framework for stablecoins. One section of the bill, the topic of the letter sent on Tuesday to Treasury Secretary Scott Bessent, allows stablecoin issuers with $10 billion or less to be regulated by states as long as that state's rules are "substantially similar" to what the federal government has in place. In April, the Treasury Department issued a notice of proposed rulemaking to implement GENIUS, in which it proposed broad-based principles for determining whether a state-level regulatory regime is "substantially similar" to provisions in GENIUS. The Treasury's proposed rulemaking did not address a timeline and standards for stablecoin issuers to be regulated by states, creating a lack of clarity that "creates uncertainty for States," the senators said in the letter on Tuesday.