Circle Pushes for Equal Rules in Stablecoin Market as US Shapes GENIUS Act

Stablecoin issuer Circle (CRCL) has called on US authorities to establish equal regulatory conditions for banks and non-bank institutions under the GENIUS Act.

The company submitted comments to the US Department of the Treasury during ongoing discussions on how to implement the new law governing stablecoin payments.

The GENIUS Act is a momentous turning point for the future of digital dollars.

Our response to @USTreasury’s request for public comment on this historic law’s implementation outlines recommendations to deliver a uniform, prudentially sound framework for U.S. dollar payment… pic.twitter.com/7UmRJLWvrM

— Circle (@circle) November 6, 2025

In its statement, Circle emphasized the importance of a level playing field for all participants in the financial system.

“Bank, nonbank, domestic, and foreign issuers should follow the same rules to protect consumers from bearing the risks of any regulatory shortcuts,” the company stated.

Circle also urged regulators to define clear market access requirements and promote joint oversight with trusted foreign partners.

According to the firm, this approach would prevent “offshore arbitrage” — when companies relocate operations to jurisdictions with weaker rules, and encourage healthy competition in the US market.

Principles Circle supports

The company reaffirmed its commitment to the key principles promoted by the bill’s supporters:

• Full backing of stablecoins with cash and high-quality liquid assets
• Clear compliance and transparency standards
• Defined consequences for non-compliance

The GENIUS Act, signed into law by President Donald Trump in July, will take effect 18 months after passage or 120 days after regulatory approval, whichever comes first.

Coinbase and banks split on stablecoin restrictions

Cryptocurrency exchange Coinbase also submitted recommendations to the Treasury.

It argued that the ban on stablecoin interest payments should apply only to issuers, allowing crypto exchanges to continue offering related services.

Banks, meanwhile, have criticized the proposed framework, urging lawmakers to tighten oversight and prevent non-bank firms from gaining an advantage.

Source: Coinbase

Although the GENIUS Act became law nearly three months ago, the digital asset market structure bill, passed by the House —  has seen little progress in the Senate amid a prolonged federal government shutdown, now in its 37th day.

Senators continue bipartisan discussions, but no new updates have been announced by the Agriculture or Banking Committees.

Republicans previously indicated they expect the bill to be finalized by 2026.

The Treasury Department accepted public comments on the stablecoin bill until November 4.

Regulators will now review submissions and define the final rules that could shape the future of stablecoin regulation in the United States.