Coinbase urges the U.S. Treasury to ensure the implementation of the GENIUS Act aligns with Congress's original intent
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Coinbase urges the U.S. Treasury to ensure the implementation of the GENIUS Act aligns with Congress's original intent
According to The Block, Coinbase has submitted feedback to the U.S. Department of the Treasury urging strict adherence to congressional intent when implementing the GENIUS Act, avoiding regulatory measures beyond what is explicitly required by the law. Coinbase Chief Policy Officer Faryar Shirzad emphasized that implementing regulations must uphold the clear intent of the legislation's text, ensuring U.S.-issued stablecoins have the flexibility and competitiveness needed to become dominant global payment tools. The company specifically called on regulators to adopt a narrow interpretation of the law, excluding non-financial software, blockchain validators, and open-source protocols from its scope, and recommended treating payment stablecoins as cash equivalents to simplify tax treatment. The GENIUS Act was signed into law in July 2025, aiming to establish a federal framework for stablecoin regulation.
Navigating Web3 tides with focused insightsTechFlow news, November 6 — According to The Block, Coinbase has submitted feedback to the U.S. Department of the Treasury urging strict adherence to congressional intent when implementing the GENIUS Act, avoiding regulatory measures that go beyond the statute's explicit requirements. Coinbase Chief Policy Officer Faryar Shirzad emphasized that implementing regulations must uphold the clear intent of the legislative text, ensuring U.S.-issued stablecoins maintain the flexibility and competitiveness needed to become dominant global payment instruments. The company specifically called on regulators to adopt a narrow interpretation of the law, excluding non-financial software, blockchain validators, and open-source protocols from regulation, and recommended treating payment stablecoins as cash equivalents to simplify tax treatment. The GENIUS Act was signed into law in July 2025, aiming to establish a federal regulatory framework for stablecoins.
