Circle submits comment letter on the implementation of the GENIUS Act

ChainCatcher news, Circle has submitted a comment letter to the U.S. Treasury Department regarding the implementation of the GENIUS Act, emphasizing recommendations for a comprehensive regulatory framework for stablecoins to ensure consumer protection, market fairness, and global interoperability.

Circle believes that rulemaking should reinforce Congressional intent by providing clear and robust rules for all issuers accessing the U.S. market, while offering the American people transparent and easy-to-understand financial products and services. Circle has proposed a series of policy principles, including the protection of customer funds, achieving interoperability through mutual recognition, ensuring the same rules for the same activities, maintaining competitive balance domestically and internationally, and establishing clear consequences and contingency plans.