Coinbase is urging the U.S. Treasury to align its upcoming GENIUS Act rules with the original intent of Congress. The company emphasizes that non-financial software should not fall under the Act's requirements and that stablecoins should be treated as cash equivalents for tax purposes.

The U.S. Treasury Department is inviting public comments on the implementation of the GENIUS Act, the first stablecoin-specific legislation in the U.S. The act aims to foster innovation in payment stablecoins while ensuring consumer protection and addressing financial stability risks. The comment period ends on October 20, with the Treasury seeking insights from both critics and industry participants.