TechFlow News, May 5: Circle announced that it has submitted a comment letter to the U.S. Office of the Comptroller of the Currency (OCC), offering recommendations on the implementing rules of the GENIUS Act and outlining six core principles:
1. U.S. standards should serve as the global benchmark: strengthening international trust in and institutional export capacity of U.S. dollar stablecoins;
2. Stablecoins must function as unified payment instruments: avoiding market fragmentation that undermines liquidity and settlement efficiency;
3. Consumer protection as the core objective: ensuring holders can redeem assets at face value at any time;
4. A fair and competitive regulatory framework: banks and non-bank issuers must operate under the same regulatory boundaries;
5. Enhanced systemic risk management: covering liquidity, credit, operational, and compliance risks;
6. Distinction between stablecoins and tokenized deposits: as they serve different functions, they must be subject to separate regulatory treatment.
