The Hyperliquid Policy Center and Paradigm urged the Treasury to revise its proposed GENIUS Act rules, saying stablecoin issuers can’t “meaningfully police” the markets the regulator wants them to.

The Hyperliquid-backed lobby group and Paradigm seek to prevent rules that would limit decentralized stablecoin usage on public blockchains.

Hyperliquid Policy Center and Paradigm urged Treasury to narrow stablecoin rules that could push US issuers away from DeFi.