US banking regulators will start working on regulating stablecoins in various states.

The US Stablecoin Certification Review Committee will determine whether the framework of each state is "substantially similar" to the federal stablecoin issuance system. The committee is led by the Treasury Secretary and includes the Federal Reserve Chairman and the FDIC Chairman. Consensus among members is required for states' jurisdictions to obtain federal approval for stablecoin regulation. The "GENIUS Act" aims to streamline state-level regulation. Gavin Meyers, Partner in Financial Services Regulatory at Pierson Ferdinand LLP, said the bill is expected to reduce the confusion of state regulations.