Circle urges clear regulatory distinction between payment stablecoins and tokenized deposits in GENIUS Act comments

Circle, the issuer of USDC stablecoin, submitted a comment letter to the U.S. Office of the Comptroller of the Currency (OCC) regarding the proposed GENIUS Act rulemaking. Circle emphasized the need to clearly distinguish payment stablecoins from tokenized deposits, arguing they serve different purposes and should not be regulated interchangeably. The company also called for a level playing field for all stablecoin issuers to prevent regulatory arbitrage and ensure consumer trust. This feedback comes as the crypto industry awaits clearer regulatory frameworks, with Circle's stock recently rising on hopes for regulatory clarity.