PANews reported on June 17 that, according to The Block, a bipartisan group of lawmakers led by Senator Cynthia Lummis has written to the Treasury Department requesting the preservation of states' power to regulate stablecoins under the GENIUS Act. This act allows stablecoin issuers with a market capitalization not exceeding $10 billion to be regulated by states, provided that state-level rules are "substantially similar" to federal rules. In April, the Treasury Department released proposed rules outlining broad principles for determining whether state-level regulations are "substantially similar," but did not specify a timeline or standards for state-level regulation.

In their letter, senators stated that the lack of clarity "creates uncertainty for states," and therefore requested the Treasury Department to issue guidance clarifying the application, review, and certification processes for state-level systems. The New York State Department of Financial Services introduced formal rules last week to align its stablecoin framework with the GENIUS Act.