COINBASE URGES TREASURY TO KEEP GENIUS ACT INNOVATION-FRIENDLY

Summary from the TLDR Crypto newsletter

Coinbase has called on the US Treasury Department to ensure that upcoming regulations for the GENIUS Act remain faithful to congressional intent, warning against regulatory overreach that could stifle innovation and hinder America's ambition to become the “crypto capital of the world.” Chief Policy Officer Faryar Shirzad emphasized that the rules should focus narrowly on stablecoin issuers, not on software developers, validators, or open-source protocols. Coinbase also encouraged Treasury to clarify that loyalty and rewards programs do not constitute “interest” payments prohibited under the Act and to classify payment stablecoins as cash equivalents for tax and accounting purposes.