Circle Advocates for Level Playing Field in US Stablecoin Regulation

Thursday Nov 6 2025 18:50

Duration

2 min

  1. 1. Circle Calls for Unified Regulatory Approach to Stablecoins in the US

  2. 1.1 Emphasizing Core Principles and Effective Enforcement

  3. 1.2 Second Round of Public Commentary

  4. 1.3 Coinbase's Perspective on the GENIUS Act

  5. 1.4 Stalled Progress on Market Structure Legislation

Circle Calls for Unified Regulatory Approach to Stablecoins in the US

Circle, a prominent stablecoin issuer, has advocated for equitable regulatory standards across banks, non-bank financial institutions, and stablecoin issuers. This advocacy coincides with the US Treasury Department's ongoing evaluation of the GENIUS Act's implementation, signed into law last July. In comments submitted on Tuesday as part of the Treasury’s notice of proposed rulemaking for the GENIUS Act, Circle joined numerous crypto companies in providing insights on how the US government should enact the law, which establishes a framework for regulating payment stablecoins.

Emphasizing Core Principles and Effective Enforcement

While reaffirming key principles championed by the bill's proponents – such as ensuring stablecoins are “fully backed with cash and high-quality liquid assets” – Circle also emphasized the importance of clear enforcement requirements and robust consequences for noncompliance. “Bank, nonbank, domestic, and foreign issuers should adhere to the same rules to safeguard consumers from the potential risks associated with regulatory shortcuts,” Circle stated in a Thursday notice. “Transparent requirements for accessing US markets – coupled with shared supervision with reputable foreign regulatory bodies – foster competition while mitigating offshore arbitrage opportunities.”

Second Round of Public Commentary

Circle’s recommendations were part of a second round of public comments regarding the GENIUS Act's implementation. Although US President Donald Trump signed the stablecoin bill into law in July, its effective date is contingent upon either 18 months post-enactment or 120 days following regulatory approval of implementing regulations.

Coinbase's Perspective on the GENIUS Act

Coinbase also submitted comments on the GENIUS Act, urging the Treasury Department to limit the prohibition of interest payments on stablecoins solely to issuers, while permitting such payments for crypto exchanges. These comments followed pressure from banking groups urging policymakers to address interest-bearing stablecoins within the legislation.

Stalled Progress on Market Structure Legislation

Despite the GENIUS Act's signing into law nearly three months ago, a digital asset market structure bill passed by the US House of Representatives has encountered limited progress in the Senate following a month-long congressional recess and the ongoing government shutdown, now in its 37th day. Senators are reportedly engaged in bipartisan discussions regarding the market structure bill, but neither the Agriculture Committee nor the Banking Committee has announced any additional drafts or updates as of Thursday morning. Republican leaders stated in August that they anticipated the bill's enactment into law by 2026.

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Written by:

Sophia Claire

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