PANews reported on June 3 that Miles Jennings, Head of Crypto Policy at a16z, revealed that a16z has submitted comments to the U.S. Treasury Department regarding the GENIUS Act. a16z believes that state-level regulations need to align with GENIUS to promote the fungibility of stablecoins. Stablecoins issued in different states must have the same value; substantially different state-level frameworks will undermine fungibility and recreate the fragmentation that has plagued payment networks for decades. The GENIUS definition needs to be uniformly adopted to protect the core safeguards the crypto industry is fighting for, and states should not reinterpret terms such as "payment stablecoin" or "digital asset service provider." Regarding access rules, issuers already licensed in one state should not be subject to additional requirements from other states.