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Coinbase Calls on U.S. Treasury to Align GENIUS Act Rules with Congress

Coinbase Calls on U.S. Treasury to Align GENIUS Act Rules with Congress

Circle’s official comments to the U.S. Treasury on the GENIUS Act stress consumer protection, interoperability, and equal regulation to fortify stablecoin oversight while sustaining innovation.

Fact Check
The assessment is based on extremely strong evidence from a primary source. The tweet from Faryar Shirzad, Coinbase's Chief Policy Officer, directly confirms the central claim: that Coinbase submitted a response to the U.S. Treasury regarding the implementation of the GENIUS Act. A 'response to a request for comments' is the formal administrative process for an entity to request changes or provide input on proposed rules, and a common argument in such submissions is that the proposed rules should align with the original intent and text of the legislation passed by Congress. Therefore, the statement is a very accurate and reasonable description of the action confirmed by the Chief Policy Officer. The Yahoo Finance article, while less specific, corroborates the fact that a response was made to the Treasury on this matter. The other sources are either too general or irrelevant and do not contradict the primary evidence. The high authority (a company executive speaking on the record) and direct relevance of the main source lead to a high confidence level in the statement's truthfulness.
Summary

Circle submitted an official letter to the U.S. Treasury on the GENIUS Act, proposing a stablecoin regulatory framework focused on consumer protection, interoperability across systems, equal rules for identical activities, and clear contingency plans for market disruptions. This builds on Coinbase’s earlier recommendations to ensure rulemaking aligns with congressional intent, exclude non-financial entities from regulation, and classify payment stablecoins as cash equivalents for tax purposes. The GENIUS Act, enacted in July 2025, establishes federal oversight for stablecoins with the objective of balancing regulation and innovation.

Terms & Concepts
  • GENIUS Act: A U.S. legislative measure focused on creating a federal framework for stablecoin regulation, guiding Treasury rulemaking.
  • Stablecoin: A cryptocurrency designed to maintain a stable value by pegging to a reference asset like the U.S. dollar.