Paradigm Urges Treasury To Keep GENIUS Act Stablecoin Rules In Line With Statute

• Paradigm filed comments warning the U.S. Treasury not to reinterpret the GENIUS Act beyond what Congress passed.
• The firm says affiliates of stablecoin issuers are allowed to pay yield and Treasury cannot close that channel in rulemaking.
• Paradigm also asked Treasury to recognize payment stablecoins as secure cash equivalents because of 1:1 backing.

Leading blockchain investment firm, Paradigm submitted a detailed response to the U.S. Treasury’s advance notice on the GENIUS Act and asked regulators to apply the statute exactly as Congress wrote it. 

Justin Slaughter, Paradigm’s head of regulatory affairs, said the Treasury’s Advance Notice of Proposed Rulemaking, ANPRM, is only the opening move in implementation and warned that later stages often drift away from the law’s text. The firm wants the Treasury to follow congressional intent, not create new limit…

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