A bipartisan group of US senators has written to the Treasury Department urging it to protect state-level regulatory authority over stablecoins as implementation of the GENIUS Act takes shape. The lawmakers are concerned that federal rulemaking could erode the rights of individual states to oversee stablecoin issuers operating within their jurisdictions. The GENIUS Act, which aims to establish a federal framework for payment stablecoins, includes provisions that could allow federally chartered entities to sidestep state oversight. By pressing Treasury early in the process, the senators seek to ensure the final regulatory structure maintains a dual federal-state system similar to existing US banking supervision, reflecting ongoing tension between centralised federal authority and state autonomy in the emerging digital asset regulatory landscape.
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