Overview
- Treasurey’s advance notice on the GENIUS Act drew sharply divergent comments, with crypto firms, banks, and state regulators urging conflicting interpretations.
- Coinbase urged a narrow scope that excludes software developers and validators, asked that payment stablecoins be treated as cash equivalents, and argued third‑party rewards are not prohibited issuer interest.
- Banks including the American Bankers Association and Bank Policy Institute pressed for a broad reading that blocks yield in any issuer‑related channel and closes perceived loopholes.
- State regulators at CSBS requested joint federal‑state guidance on tokenized deposits and cautioned against permissive readings that let federal stablecoin issuers assume wider digital‑asset roles.
- Fed Governor Stephan Miran cited staff projections of $1–3 trillion in stablecoin uptake by decade’s end and said increased demand for Treasuries could push down r‑star, implying lower policy rates than otherwise.