U.S. House Financial Services Committee Chairman: The CLARITY Act Could Address Regulatory Gaps Left by the GENIUS Act

Odaily News U.S. House Financial Services Committee Chairman French Hill 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 still has concerns about the proposed crypto regulatory framework, particularly regarding how crypto companies might be regulated in the future.

Hill pointed out that the House passed the CLARITY Act with bipartisan support last summer, including 78 Democratic lawmakers voting in favor. The bill is part of Washington's push to establish a digital asset regulatory system, aiming to clarify how stablecoins and other digital assets operate within the U.S. financial markets.

Furthermore, 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. This issue is also a core topic of discussion surrounding the GENIUS Act.