Crypto exchange Coinbase has called on the U.S. Treasury Department to ensure that upcoming GENIUS Act rules strictly follow congressional intent.
In its formal response, Coinbase warned that regulatory overreach could stifle innovation and undermine America’s goal of becoming the global crypto hub.
Chief Policy Officer Faryar Shirzad said implementation should focus on clear statutory language, excluding validators, non-financial software, and open-source protocols from regulation. Coinbase also urged that stablecoins be classified as cash equivalents for accounting purposes.
The GENIUS Act, signed into law in July 2025, provides the first federal framework for stablecoins, requiring full U.S. dollar or liquid-asset backing and annual audits for major issuers.
Coinbase emphasized that Treasury’s implementation must preserve stablecoins’ global competitiveness while encouraging responsible growth in the U.S. crypto ecosystem.
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