Circle, the company behind the USDC
stablecoin, has shared its perspective on how the GENIUS Act should be enforced.
This comes after President Donald Trump approved the law in July. The law will come into effect either 18 months after it was signed or 120 days after the rules are finalized.
As the US Treasury works to enforce those rules, Circle submitted its comments during this consultation phase.
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The company called for consistent guidelines that would apply to all issuers of payment stablecoins, whether they are banks, tech companies, or foreign firms.
According to Circle, all participants should be held to the same standards to ensure consumer safety and market fairness.
In its statement, Circle stated that US market access should come with clear rules and accountability. It also supported cooperation with foreign regulators.
The firm noted that shared oversight can help reduce the risk of companies using weaker rules in other countries to gain an unfair advantage.
While Circle agreed with many parts of the law, such as the requirement for stablecoins to be backed by cash or other liquid, secure assets, the firm focused its feedback on how these rules should be enforced.
Recently, Circle introduced a public testnet for its new blockchain network, Arc. How does it work? Read the full story.
