[a16z Submits Comments on the GENIUS Act to the U.S. Treasury] Miles Jennings, Head of Crypto Policy at a16z, revealed that a16z has submitted comments on the GENIUS Act to the U.S. Treasury. a16z believes that state-level systems need to align with GENIUS to promote the interoperability of stablecoins. Stablecoins issued in different states must hold the same value, as substantially different state-level frameworks would undermine interoperability and recreate the fragmented landscape that has plagued payment networks for decades. The definition of GENIUS needs to be uniformly adopted to safeguard the core protections that the crypto industry has fought for. States should not reinterpret terms such as 'payment stablecoin' or 'digital asset service provider.' Regarding entry rules, issuers already licensed in one state should not be subjected to additional requirements by other states.