Chairman of the US House Financial Services Committee: The CLARITY Act may fill the regulatory gaps left by the GENIUS Act

Odaily reported 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 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 last summer with bipartisan support, including 78 Democratic members voting in favor. This act is part of Washington's efforts to establish a regulatory system for digital assets, aiming to clarify how stablecoins and other digital assets operate within the U.S. financial markets.

Additionally, policymakers are discussing whether crypto companies should be subject to the same level of regulation as banks. Hill stated that both parties have reached consensus on a key principle: stablecoins should not pay yields to holders, which is also a core issue discussed around the GENIUS Act.