Circle has filed a comment letter with the U.S. Securities and Exchange Commission (SEC) regarding proposed regulations for crypto assets, suggesting that stablecoins compliant with the GENIUS Act be treated as cash. The letter supports promoting innovation and maintaining transparency, investor protection, market integrity, liquidity, and efficiency under clear rules. Circle recommends that the regulations be aligned with the GENIUS Act and requests clarification that stablecoins compliant with the Act can be used for on-chain capital formation and settlement, and that they constitute "cash" under the proposed Rule 302(b), subject to appropriate dollar valuation, accounting, and customer reserve treatment. Circle also recommends reducing the brokerage discount for stablecoins compliant with the GENIUS Act from 2% to zero and requests the SEC to clarify that technical services provided after the network is operational are not considered essential regulatory work, while also establishing safe harbor rules for the technology roadmap.