Coinbase Urges Narrow GENIUS Act Rules to Preserve Stablecoins as the U.S. Global Payment Hub

COINOTAG News reported on November 6, citing TheBlock, that Coinbase has submitted formal feedback to the Treasury Department regarding the implementation of the U.S. stablecoin framework known as the GENIUS Act. The submission urges rulemaking that remains faithful to the congressional legislative intent.

Coinbase argues against regulatory obligations extending beyond clear statutory requirements, warning that overreach could dampen innovation and undermine the GENIUS Act’s objective to position the United States as a crypto hub and a leading global payments tool.

Additionally, Coinbase advocates a narrow interpretation of the act that excludes non-financial software, blockchain validators, and open-source protocols, ensuring U.S.-issued stablecoins retain flexibility and competitiveness as a dominant settlement asset.