U.S. senators urge Treasury not to leave states out of GENIUS Act stablecoin process

U.S. senators, spearheaded by Republican Cynthia Lummis, are urging the Treasury Department to include state regulators in the framework for supervising stablecoins under the GENIUS Act. They argue that states should have a clear process to demonstrate their capacity to oversee these digital currencies. This push highlights a broader debate about the balance of power between federal and state authorities in regulating financial innovations, with implications for the future landscape of digital finance.