A bipartisan group of US senators has written to the Treasury Department urging that its implementation of the GENIUS Act — the landmark stablecoin legislation — preserve meaningful authority for individual states. The lawmakers are concerned that federal rulemaking could effectively sideline state-level regulators, who have historically played a significant role in overseeing payment systems and financial institutions. The GENIUS Act created a dual federal-state framework for stablecoin oversight, and the senators want Treasury to honour that balance in practice, not just in principle. The letter signals early friction over how power will be divided as regulators begin translating the new law into enforceable rules, a process with major implications for stablecoin issuers operating across multiple jurisdictions.
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