Circle's Submission Letter on the Implementation of the "GENIUS Act"

On November 6th, Circle submitted a comment letter to the U.S. Treasury Department regarding the implementation of the "GENIUS Act." It emphasized the need for a comprehensive regulatory framework for stablecoins to protect consumers, maintain market integrity, and ensure global interoperability. Circle believes that rulemaking should adhere to congressional intent and provide clear and strong rules for all issuers operating in the U.S. market, while offering the American people transparent and easily understandable financial products and services. Circle has put forward a series of policy principles, such as safeguarding customer funds, achieving interoperability through mutual recognition, ensuring consistent rules for the same activities, maintaining a balance between domestic and international competition, and establishing clear consequences and contingency plans.