Coinbase calls on the Treasury to ensure that the regulatory rules of the GENIUS Act do not deviate from the original intent of Congress

According to The Block, Coinbase submitted feedback to the U.S. Treasury, urging it to strictly adhere to the original intent of Congress when formulating the implementation rules for the GENIUS Act, avoiding overregulation, and specifically excluding non-financial software, blockchain validators, and open-source protocols.

Coinbase's Chief Policy Officer pointed out that regulation should not consider third-party reward programs as "interest" to avoid contradicting the spirit of the Act. Coinbase also suggested treating payment stablecoins as cash equivalents for related tax and accounting issues. The GENIUS Act was signed in July 2025, establishing a federal regulatory framework for stablecoins in the United States.