Regulatory discussions around stablecoin classification are intensifying as the U.S. Department of the Treasury prepares rules for the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). Coinbase Global Inc. (Nasdaq: COIN) submitted comments on Nov. 4 urging that payment stablecoins be treated as cash equivalents rather than debt instruments.

Coinbase explained that stablecoins are fully backed by high-quality liquid reserves, redeemable at par, and designed to function as frictionless means of payment. The company warned against a misclassification that could burden taxpayers and regulators alike: “Classifying payment stablecoins as debt for tax purposes would create unwarranted complexity, such as the potential application of rules governing OIDs, market discounts, and interest income — none of which are appropriate for a 1:1 reserve-backed payment stablecoin.” The Nasdaq-listed crypto firm added:

Instead, payment stablecoins should be treated as cash equivalents, consistent with their economic substance and regulatory framework under GENIUS.

Coinbase argued that these assets should not fall under capital gains reporting rules, contending that stablecoin transactions do not generate taxable gains or losses due to their price stability.

The firm also urged regulators to adopt uniform guidance across federal agencies. Coinbase stated:

The only logical regulatory outcome is alignment among federal financial regulators on the treatment of payment stablecoins as eligible cash collateral so as to not create disparate outcomes.

While critics caution that such treatment could weaken oversight, Coinbase countered that recognizing stablecoins as cash equivalents would improve regulatory clarity, promote U.S. market competitiveness, and strengthen the GENIUS Act’s intent to encourage responsible innovation in payment systems.

• Why is stablecoin classification under the GENIUS Act important for investors?
  It could determine how stablecoins are taxed, reported, and integrated into mainstream financial systems, directly impacting investor returns and market access.
• What does Coinbase propose for stablecoin treatment?
  Coinbase argues stablecoins should be treated as cash equivalents, not debt instruments, aligning with their 1:1 backing and payment utility.
• How could this change affect U.S. market competitiveness?
  A unified regulatory stance would boost innovation, attract capital, and solidify the U.S. as a global leader in digital payments.
• What risks are associated with treating stablecoins as cash equivalents?
  Critics fear reduced oversight, but advocates say clarity would minimize confusion and promote safer adoption of digital assets.

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