According to CoinMeta, Circle submitted a comment letter to the U.S. Securities and Exchange Commission regarding regulatory guidelines for crypto assets, suggesting that payment stablecoins that comply with the Genius legislation should be considered cash and should be subject to corresponding U.S. dollar valuation, accounting, and customer reserve requirements. Circle also recommended reducing the brokerage discount for payment stablecoins that comply with the Genius legislation from 2% to zero, and requested clarification that technical services after the network is operational do not fall under management responsibilities, establishing safe harbor rules for the technical roadmap.