a16z submitted comments to the U.S. Department of the Treasury regarding the GENIUS Act.

On June 3rd, Miles Jennings, Head of Policy at a16z crypto, revealed that a16z has submitted comments to the U.S. Department of the Treasury regarding the GENIUS Act. a16z believes that state-level regulations need to align with the GENIUS Act to promote the interchangeability of stablecoins. Stablecoins issued in different states must have the same value; substantially different state-level frameworks will undermine interchangeability and recreate the fragmented landscape that has plagued payment networks for decades. The definition of GENIUS needs to be uniformly adopted to protect the core safeguards the crypto industry has fought for, and states should not reinterpret terms such as "payment stablecoin" or "digital asset service provider." Regarding entry rules, issuers already licensed in one state should not be subject to additional requirements by other states.