Odaily Planet Daily reports that Coinbase has submitted feedback to the U.S. Treasury Department, urging it to strictly adhere to the original intent of Congress when formulating the implementing rules of the GENIUS Act, avoiding over-regulation, and especially excluding non-financial software, blockchain validators, and open-source protocols. Coinbase's Chief Policy Officer pointed out that regulators should not treat third-party reward programs as "interest," so as not to violate the spirit of the Act. Coinbase also suggested treating payment-type stablecoins as cash equivalents for related tax and accounting issues. The GENIUS Act, signed into law in July 2025, establishes the U.S. federal regulatory framework for stablecoins. (The Block)