The National Cryptocurrency Association (NCA) submitted a comment letter to the U.S. Treasury regarding the Section 3 rules of the GENIUS Act. Stuart Alderoty, Ripple’s Chief Legal Officer and NCA President, outlined a practical framework to protect retail holders while accepting the one-hundred-percent reserve requirement. The first request seeks a safe-harbor mechanism allowing users to redeem, sell, or convert their coins without loss in case of sudden regulatory changes. The NCA also calls for explicit authorization to reissue stablecoins that were stolen or mistakenly transferred, as well as a clear distinction between custodial service providers and software developers. These proposals move the dialogue between the crypto industry and U.S. regulators onto a pragmatic track, placing responsibility for retail market stability on the Treasury Department.
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