U.S. banking regulators will begin addressing stablecoin regulatory rules for each state

ChainCatcher news, according to Bloomberg, the U.S. Stablecoin Certification Review Committee will determine whether the frameworks of the states are "substantially similar" to the federal stablecoin issuance system.

The committee is led by the Secretary of the Treasury and includes the Chair of the Federal Reserve and the Chair of the Federal Deposit Insurance Corporation (FDIC). Consensus is required for states' jurisdictions to obtain federal approval for stablecoin regulation.

The "GENIUS Act" aims to simplify state-level regulation. Gavin Meyers, a financial services regulatory partner at Pierson Ferdinand LLP, stated that the act is expected to reduce the confusion of state regulations.