Chairman of the House Financial Services Committee: The CLARITY Act is expected to fill the regulatory gap of the GENIUS Act

French Hill, chairman of the U.S. House Financial Services Committee, stated that the CLARITY Act is expected to address some regulatory issues not covered by the GENIUS Act.

In an interview, Hill mentioned that the banking industry still has concerns about the proposed cryptocurrency regulatory framework, particularly regarding the regulatory treatment that future crypto companies may face. Hill pointed out that the House passed the CLARITY Act last summer with bipartisan support, including 78 Democratic votes in favor. The 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 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 a consensus on a key principle: stablecoins should not pay interest to holders, which is also a central topic of discussion surrounding the GENIUS Act.