a16z's move is paving the way for stablecoins. The unification of state-level regulation is indeed good for the industry, but the tug-of-war between the federal government and states will probably involve some more bickering.

Wu reported that Miles Jennings, the policy director of a16z crypto, revealed that a16z has submitted a comment letter to the U.S. Department of the Treasury regarding the proposed rules for the GENIUS Act, calling for state-level stablecoin regulation to be consistent with the federal framework. a16z stated that if stablecoins are to be used for payments, they must be interchangeable, so core rules related to reserves, redemption, capital, liquidity, and risk management should not vary by state; at the same time, definitions such as "payment stablecoin" and "digital asset service provider" should also be uniformly applied to prevent state regulators from reinterpreting related terms. a16z also recommended clarifying rules for cross-state operations, enabling compliant state-level stablecoin issuers to serve the national market within a clearer framework.