Coinbase urges U.S. Treasury to maintain original intent of Congress in Genius Act regulations

Coinbase urged the U.S. Treasury Department to keep the GENIUS Act regulations true to Congress’s original objectives. They emphasized that non-financial software and open-source protocols should remain outside regulatory constraints.

Moreover, Coinbase’s Chief Policy Officer stated that third-party rewards should not be treated as ‘interest’ and advocated for categorizing payment-type stablecoins as cash equivalents for tax and accounting functions.