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.