Circle weighs in on GENIUS Act implementation: ‘Simple, strong rules’
The US Treasury Department accepted comments related to the implementation of the stablecoin bill until Tuesday as part of the law’s planned rollout.
Stablecoin issuer Circle has advocated for a level playing field among banks, nonbanks and stablecoin issuers as the US Treasury Department considers implementing the GENIUS Act following its signing into law in July.
In comments submitted on Tuesday as part of the Treasury’s notice of proposed rulemaking for GENIUS, Circle was one of many crypto companies that weighed in on how the US government should implement the law establishing a framework for payment stablecoins.
While the company reiterated many of the principles for which proponents of the bill had advocated, such as having stablecoins “fully backed with cash and high quality liquid assets,” it also urged the government to set clear requirements for enforcement and consequences for noncompliance.