Ireland's central bank fined an Irish subsidiary of cryptocurrency exchange Coinbase Global 21.5 million euros ($25 million) on Thursday for breaching anti-money laundering and counter-terrorist trans... ...

The U.S. Treasury is consulting on GENIUS Act implementation. Credit: J. David Ake/Getty Images. Key Takeaways The Treasury is consulting on how to implement the GENIUS Act. Coinbase argued that stablecoin yields should be considered loyalty rewards, not interest payments. On the other hand, Wall Street is pushing for an expansive ban on stablecoin yield. A prohibition on interest-bearing stablecoins is one of the defining features of the U.S. GENIUS Act. However, the Treasury hasn’t yet determin ...

Core Viewpoint - Coinbase Global has urged the US Treasury Department to ensure that the upcoming rules for the GENIUS Act align with Congress's original intent to avoid excessive regulation that could hinder innovation in the crypto space [1][3][9] Regulatory Concerns - The exchange warned that excessive regulation could stifle innovation and undermine US leadership in the cryptocurrency sector [3] - Coinbase's Chief Policy Officer emphasized the need for regulations to adhere closely to the bill's text, ensuring US-issued stablecoins maintain their competitiveness as a global payment and settlement instrument [4] Scope of Regulation - Coinbase called for a narrow interpretation of the GENIUS Act, specifically excluding non-financial software developers, blockchain validators, and open-source protocols from regulatory oversight [4][9] - The company clarified that the prohibition on interest payments under the GENIUS Act applies only to stablecoin issuers, not to exchanges or intermediaries offering loyalty or rewards programs [5] Tax and Accounting Proposals - Coinbase proposed that payment stablecoins be recognized as cash equivalents for tax and accounting purposes, arguing that their design is similar to fiat currency [6] - The exchange urged the Treasury and the Internal Revenue Service to adopt a pragmatic approach to taxation for payment stablecoins to reduce the regulatory burden [6] Industry Impact - The GENIUS Act, enacted in July 2025, establishes the first federal framework for regulating stablecoins, requiring tokens to be fully backed by US dollars or equivalent liquid assets and mandating annual audits for large issuers [7] - Coinbase's comments reflect growing industry concerns regarding how the law's implementation could impact the balance between innovation, investor protection, and global competitiveness in the stablecoin sector [7][9] Position on Stablecoins - Coinbase rejected claims that the growth of stablecoins could deplete deposits from US banks, arguing instead that stablecoins reinforce the dollar's global dominance [8]

Coinbase submitted feedback to the U.S. Treasury, urging it to strictly follow congressional intent when implementing the GENIUS Act. The exchange called for excluding non-financial software, blockchain validators, and open-source protocols from regulation, and clarified that the Act’s interest ban applies only to stablecoin issuers—not intermediaries offering rewards. Coinbase also recommended treating payment stablecoins as cash equivalents for tax and accounting purposes.https://t.co/Al0YLsCpZI ...

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Core Viewpoint - The Independent Community Bankers of America (ICBA) opposes Coinbase's application for a national trust bank charter, citing concerns over its risk management and governance practices [1][2]. Regulatory Concerns - The ICBA argues that Coinbase's application does not meet statutory chartering standards and poses safety and soundness risks, potentially setting a dangerous precedent for the U.S. banking system [2]. - The ICBA's main argument focuses on the legal foundation of Coinbase's application, which relies on OCC Interpretive Letter 1176, claiming it violates the Administrative Procedure Act due to lack of public notice and comment [5][6]. Industry Dynamics - Coinbase's chief legal officer, Paul Grewal, characterizes the ICBA's opposition as protectionism aimed at maintaining competitive advantages for community banks, suggesting that it hinders innovation in the crypto space [3][4]. - The ongoing debate highlights the tension between traditional banking institutions and the emerging crypto industry regarding the regulation and custody of crypto assets [2].

Core Viewpoint - Bitcoin experienced a short-term surge, rising over 2% and surpassing $103,000, positively impacting cryptocurrency-related stocks in the U.S. market [1] Group 1: Bitcoin Performance - Bitcoin's price increased by more than 2%, returning to above $103,000 [1] Group 2: Cryptocurrency Stocks Performance - Bitmine Immersion Technologies (BMNR.US) rose over 6% - Iren Ltd (IREN.US) increased by over 8% - Mara Holdings (MARA.US) gained over 4% - Coinbase (COIN.US) saw an increase of over 2.7% - Robinhood (HOOD.US) rose over 2% - Circle (CRCL.US) increased by over 1.8% - Strategy (MSTR.US) gained over 1.6% [1]

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The Office of the Comptroller of the Currency faces pressure from bank lobbyists as crypto exchange Coinbase demands a fair path into regulated finance. Two of Washington’s most influential banking lobbies, the Independent Community Bankers of America (ICBA) and the Bank Policy Institute (BPI), have urged the Office of the Comptroller of the Currency to block Coinbase’s application for a national trust bank charter. The groups filed separate comment letters to the OCC on Monday, warning that Coinbase’s a ...

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