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A16z Calls on the US Treasury to Exempt Decentralized Stablecoins from Regulation
BlockBeats News, November 12th, A16z Crypto submitted a proposal to U.S. Treasury officials, calling for clarification of key definitions in new stablecoin regulations, arguing that decentralized digital assets should be exempt from regulation to foster innovation. In a letter to Treasury Secretary Scott Bessent on November 4th, the company responded to the proposed rulemaking notice earlier this year under the GENIUS Stablecoin Act.
A16z Crypto praised the GENIUS Act in the letter as a "significant step towards the future of digital finance," while also calling for clarification on whether decentralized stablecoins fall outside the scope of the Act. Citing LUSD backed by Ethereum collateral as an example, the company argued that decentralized stablecoins are issued through autonomous smart contracts and not controlled by a central entity.
The letter pointed out: "The Treasury should clearly state that, as decentralized stablecoins are not issued by an 'individual' in the sense of the Act, they are not subject to the restrictions of Section 3(a)." According to the letter, Section 3(a) restricts the issuance of U.S. payment stablecoins to only allowable issuers.
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