[Coinbase Urges Treasury to Strictly Adhere to the Original Intent of the GENIUS Act] Coinbase has submitted feedback to the U.S. Treasury, urging it to strictly follow Congress's original intent when formulating implementation rules for the GENIUS Act, avoiding excessive expansion of regulatory scope. Coinbase emphasized that non-financial software, blockchain validators, and open-source protocols should be explicitly excluded from the scope of regulation. The Chief Policy Officer pointed out that third-party reward programs should not be considered 'interest' to ensure alignment with the spirit of the Act. Additionally, Coinbase suggested treating payment-based stablecoins as cash equivalents to optimize tax and accounting processes. The GENIUS Act, signed in July 2025, aims to establish a federal regulatory framework for stablecoins in the United States.