[Coinbase Urges U.S. Treasury to Align Implementation of the GENIUS Act with Congressional Legislative Intent] BlockBeats News, November 6, as reported by The Block, Coinbase has submitted feedback to the U.S. Treasury regarding the implementation of the U.S. Stablecoin Innovation 'GENIUS Act,' urging the Treasury to ensure that its rule implementation aligns with the legislative intent of Congress. Coinbase stated that the Treasury should avoid imposing obligations beyond what is explicitly required by the regulations and warned that excessive intervention could stifle innovation and undermine the GENIUS Act's goal of making the U.S. the 'global crypto hub.' It emphasized the importance of ensuring that U.S.-issued stablecoins possess the flexibility and competitiveness needed to become a dominant global payment and settlement tool. Coinbase called on regulators to adopt a narrow interpretation of the Act, excluding non-financial software, blockchain validators, and open-source protocols from its scope.