a16z crypto, in its official comments to the U.S. Treasury on the GENIUS Act, recommended distinguishing between decentralized stablecoins and payment stablecoins, proposing that decentralized variants be exempt from regulation to encourage innovation. The firm also suggested using decentralized identity systems with zero-knowledge proofs to prevent illicit finance. Circle, in its prior submission, urged full asset backing for all stablecoins, interoperability with foreign-issued tokens, and consistent regulatory treatment across issuers. Both submissions highlight contrasting approaches to fostering stablecoin development under the GENIUS Act framework.