Coinbase has implored the U.S. Treasury to adhere to the original intent of the GENIUS Act when drafting implementation regulations for stablecoins. In a recent letter, the cryptocurrency exchange emphasized that adding regulations beyond what Congress initially intended could hinder innovation and prevent the U.S. from becoming a leader in the crypto space. Coinbase argues that dollar-based stablecoins require flexibility and competitiveness to become significant players in the global payments landscape. The company specifically requests that non-financial software, blockchain validators, and open-source protocols be excluded from the law's scope. Furthermore, Coinbase believes the ban on interest payments should only apply to stablecoin issuers, not exchanges or brokers. This targeted approach, according to Coinbase, will ensure the GENIUS Act fosters innovation while protecting consumers and maintaining market integrity. Clear and concise regulation is crucial for the responsible growth of the stablecoin ecosystem. ```