Chairman of the House Financial Services Committee: The Clarity Act is expected to fill the regulatory gap left by the GENIUS Act.
PANews reported on March 14 that French Hill, chairman of the U.S. House Financial Services Committee, stated that the CLARITY Act is expected to address some regulatory issues not yet covered by the GENIUS Act. In an interview, Hill mentioned that the banking industry remains concerned about the proposed crypto regulatory framework, particularly regarding how crypto companies might be regulated in the future.
Hill points out that the House of Representatives passed the CLARITY Act last summer with bipartisan support, including 78 Democratic votes. This bill is part of Washington's push to establish a regulatory framework for digital assets, aiming to clarify how stablecoins and other digital assets operate in the U.S. financial market.
In addition, policymakers are also discussing whether crypto companies should be subject to the same level of regulation as banks. Hill stated that both parties have reached a consensus on a key principle: stablecoins should not pay yields to holders, an issue that is central to the discussions surrounding the GENIUS Act.
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