Coin World reported that the U.S. Stablecoin Certification Review Committee will determine whether the frameworks of each state are 'substantially similar' to the federal stablecoin issuance system. The committee is led by the Secretary of the Treasury, with members including the Chair of the Federal Reserve and the Chair of the Federal Deposit Insurance Corporation (FDIC). A consensus must be reached for state jurisdictions to receive federal approval for stablecoin regulation. The 'GENIUS Act' aims to simplify state-level regulation, and Gavin Meyers, a partner at Pierson Ferdinand LLP Financial Services Regulatory, stated that the act is expected to reduce the chaotic situation of state regulation.