Coinbase has urged the U.S. Treasury Department to ensure that the regulatory framework for the GENIUS Act aligns with Congress's original intent. The cryptocurrency exchange emphasized the importance of avoiding over-regulation, particularly concerning non-financial software, blockchain validators, and open-source protocols. Coinbase's Chief Policy Officer highlighted the need to exclude third-party reward programs from being classified as "interest," to maintain the Act's spirit. Additionally, Coinbase recommended that payment-type stablecoins be treated as cash equivalents for tax and accounting purposes. The GENIUS Act, enacted in July 2025, aims to establish a federal regulatory framework for stablecoins in the United States.