Circle and Coinbase Make Key Recommendations Amid Implementation of the 'Genius Act' for Stablecoin Regulation

Leading stablecoin issuer Circle submitted public comments to the U.S. Treasury on December 6 concerning the implementation of the stablecoin regulation bill, the 'Genius Act'. Coinbase has also made submissions.

Circle reiterated its call for stablecoins to be fully backed by cash and high-quality liquid assets, and for interoperability with foreign stablecoins.

Additionally, they proposed that the same rules should apply to the same activities. If there exists a digital token that operates like the U.S. dollar, it should bear the same obligations as a payment stablecoin.

Furthermore, within the United States...