Coinbase urges Treasury to uphold original intent of GENIUS Act

Coinbase has called on the U.S. Department of the Treasury to ensure that the implementation of the stablecoin regulation GENIUS Act adheres to the original legislative intent of Congress. In a formal letter, the exchange warned that imposing additional regulations not specified in the law could stifle innovation and undermine the U.S. goal of becoming a global cryptocurrency hub. Coinbase added that for dollar-backed stablecoins to become a key instrument in the global payments market, their flexibility and competitiveness must be guaranteed.