By Isaac • June 17, 2026 9:21 am •
The GENIUS Act passed. Now the fight is over who controls the rulebook.
A bipartisan group of senators sent a letter to Treasury Secretary Scott Bessent on June 16, 2026, asking him to make sure states keep a real role in supervising stablecoins under the new federal framework.
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The senators want written procedural guidance for how state regulatory regimes get certified as substantially similar to the federal standard. That certification lives in Section 4(c) of the GENIUS Act, and right now the path through it is unclear.
The lead signer is Cynthia Lummis, who has spent years working crypto policy in the Senate.
🇺🇸 Sen. Lummis and a bipartisan group of senators urged Treasury Sec.
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