Lummis Leads Colleagues in Urging Treasury to Preserve State Authority Under GENIUS Act

June 16, 2026

Washington D.C. - Senate Banking Subcommittee on Digital Assets Chair Cynthia Lummis (R-WY) led Senators Kirsten Gillibrand (D-NY), Bill Hagerty (R-TN), Angela Alsobrooks (D-MD), Kevin Cramer (R-ND), Catherine Cortez Masto (D-NV), and Pete Ricketts (R-NE) in sending a letter to Treasury Secretary Scott Bessent urging the Treasury Department to preserve the role of states in chartering and supervising payment stablecoin issuers.

"States must be able to develop and seek certification of stablecoin regulatory regimes as demand for these charters materializes and as legislative schedules permit," the senators wrote. "State legislative processes vary significantly, and in some cases operate on biennial cycles. A flexible, ongoing certification framework is necessary to ensure that States can participate meaningfully over time and that innovation and competition are not constrained by timing misalignment."

Full letter text can be found