Circle Submits Comment Letter on Proposed GENIUS Licensing Regime

Circle Internet Financial has responded to the Office of the Comptroller of the Currency's (OCC) proposed rule on the GENIUS Act, which aims to create a pioneering digital payments framework in the U.S. for payment stablecoins. This framework is seen as a pivotal regulatory development for the payment sector, focusing on robust risk management, reliable redemption, and comprehensive operational standards necessary for global scalability. The OCC's rulemaking seeks to transform the GENIUS Act into a practical, durable system that ensures payment stablecoins are safe, transparent, and trusted by consumers and institutions. Circle emphasizes the importance of U.S. standards leading globally, ensuring that regulated stablecoins remain transferable, fungible, and secure, thereby setting a benchmark for digital financial services worldwide. The submission underscores the need for strong consumer protection, a level playing field for issuers, and the distinction between stablecoins and tokenized deposits, advocating for clear, consistent regulations to protect consumers and foster a strong, competitive market for digital dollars.