PANews, March 14: French Hill, Chairman of the U.S. House Committee on Financial Services, stated that the CLARITY Act has the potential to address certain regulatory issues not covered by the GENIUS Act. Hill noted in an interview that the banking industry still has concerns regarding the proposed cryptocurrency regulatory framework, particularly about how crypto companies may be regulated in the future. Hill pointed out that last summer, the House passed the CLARITY Act with bipartisan support, including 78 Democratic lawmakers voting in favor. The bill is part of Washington’s effort to establish a regulatory framework for digital assets, aiming to clarify how stablecoins and other digital assets operate within the U.S. financial markets. Additionally, policymakers are debating whether crypto companies should be subject to the same level of regulation as banks. Hill said that both parties have reached consensus on a key principle: stablecoins should not pay yields to holders—an issue central to the discussions surrounding the GENIUS Act.
Chair of the U.S. House Financial Services Committee: The CLARITY Act Aims to Address Gaps in the GENIUS Act Regulation
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Summary
U.S. House Financial Services Committee Chair French Hill said the CLARITY Act aims to address gaps left by the GENIUS Act, particularly regarding CFTC compliance and digital asset oversight. The bill, passed last summer with bipartisan support, seeks to clarify how stablecoins and other crypto assets function within the U.S. financial system. Hill noted that the banking sector remains cautious about how crypto firms may be regulated, with both parties agreeing that stablecoins should not pay yields. Policymakers are also considering whether crypto firms should be subject to MiCA-like rules similar to those applied to banks.
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