[Circle Submits Comment Letter on Proposed Crypto-Asset Regulations by the SEC] BlockBeats reports that on October 28, Circle submitted its comments to the U.S. Securities and Exchange Commission (SEC) regarding its proposed crypto-asset regulations. Circle supports the proposal's goal of fostering innovation under clear rules while maintaining the strengths of the U.S. capital markets, including transparency, investor protection, market integrity, liquidity, and efficiency. Circle also recommends that the crypto-asset regulations be aligned with the GENIUS Act. Given that payment stablecoins are increasingly becoming an important consideration and settlement asset for on-chain capital formation, Circle requests clarification from the SEC regarding how payment stablecoins compliant with the GENIUS Act can be used for these purposes. The letter further requests clarification from the Commission that eligible payment stablecoins, constituting "cash" under the proposed Rule 302(b), should receive appropriate dollar valuation treatment and comply with relevant accounting and customer reserve treatment conditions. Circle also recommends reducing the current 2% brokerage discount for GENIUS-compliant payment stablecoins to zero, provided objective safeguards are in place. Finally, Circle requested clarification from the SEC that the technical services provided after the network became operational (including maintaining the known set of validator nodes) were not essential regulatory work. Establishing safe harbor rules for the technology roadmap would allow issuers to continue maintaining and improving the already operational network without inadvertently restarting related analysis. [Original Link]