Coinbase Urges U.S. Treasury Department to Ensure Implementation of the "GENIUS Act" Aligns with Congressional Intent

BlockBeats News, November 6th, according to TheBlock report, Coinbase has submitted feedback to the Treasury Department on the implementation of the U.S. stablecoin innovation "GENIUS Act," urging the Treasury Department to ensure that its rulemaking is consistent with the congressional legislative intent.

Coinbase stated that the Treasury Department should avoid imposing obligations beyond what is clearly required by regulations and warned that overreach could stifle innovation and undermine the goal of the "GENIUS Act" to make the United States a "crypto hub of the world." Coinbase emphasized that U.S.-issued stablecoins should have the flexibility and competitiveness necessary to become the dominant global payment and settlement tool. Coinbase called on regulators to take a narrow interpretation of the act, excluding non-financial software, blockchain validators, and open-source protocols from its scope.