[Circle Submits Comment Letter Suggesting Improvements to the Regulatory Framework of the 'GENIUS Act']
On November 6, Circle submitted a comment letter to the U.S. Department of the Treasury regarding the implementation of the 'GENIUS Act,' recommending the establishment of a comprehensive regulatory framework for stablecoins to protect consumer rights, ensure fair market competition, and promote global interoperability. Circle emphasized that rule-making should reinforce Congressional intent, provide clear regulations for issuers accessing the U.S. market, and offer transparent and easily understandable financial products and services to the American public. Circle proposed policy principles including the protection of customer funds, achieving interoperability, unifying activity rules, maintaining competitive balance, clarifying consequences, and formulating contingency plans.