Circle asked the US Securities and Exchange Commission to clarify how GENIUS-compliant payment stablecoins would be used in onchain capital formation and settlement, according to the company’s account of its comment letter on proposed Regulation Crypto Assets.
Requested stablecoin treatment
Circle wants qualifying payment stablecoins to count as cash for proposed Rule 302(b), with appropriate dollar valuation, accounting and customer-reserve treatment. It also recommended reducing the current 2% broker-dealer haircut to zero, subject to objective safeguards.
The company separately sought clarity that technical services performed after a network becomes functional, including maintaining known validators, do not constitute essential managerial efforts. It proposed a safe harbor for technical roadmaps.
Sources: BlockBeats English report and the original Chinese flash, with the Circle’s announcement. The flash was published 2026-10-28 at 14:20:12 UTC.