As a result, the states are confused about next steps, according to the lawmakers, who have been prominent among those negotiating crypto legislation, including the all-important Digital Asset Market Clarity Act that’s still winding its way through the Senate.
“We have heard from stakeholders that, absent clear procedural guidance, the certification process could be interpreted or applied in a manner that effectively forecloses future participation,” the senators wrote to Treasury Secretary Scott Bessent, whose department had proposed stablecoin regulations in April.
The lawmakers now want a new Treasury effort to produce “written procedural guidance clarifying the application, review, and certification process for state regimes,” making sure the process has “clear timelines and requirements” and is flexible enough for widely varied state legislatures to deal with on their own timelines.
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