House Financial Services Chair Says CLARITY Act Targets Gaps Left by GENIUS Act

French Hill, chair of the U.S. House Committee on Financial Services, said on March 14 that the CLARITY Act could address regulatory issues not covered by the GENIUS Act, PANews reports. He noted in an interview that parts of the banking sector remain uneasy about the proposed U.S. framework for crypto supervision, particularly regarding oversight of crypto companies. Hill recalled that the House approved the CLARITY Act last summer with bipartisan support, including 78 Democratic votes, as part of efforts to define how stablecoins and other digital assets function in U.S. financial markets. He added that policymakers are weighing whether crypto firms should face bank-level regulation, and said both parties agree stablecoins should not pay yields to holders.