Heath Tarbert Says GENIUS Act Creates Federal Stablecoin Framework

Circle President and former CFTC Chair Heath Tarbert said at a U.S. House Financial Services Committee hearing that the GENIUS Act has established a federal regulatory framework for payment stablecoins, describing it as a "dollar layer" for the internet financial system. According to ChainCatcher, he urged Congress to next pass the CLARITY Act to complete a long-term regulatory framework for the digital asset "market layer." Tarbert also said the final implementation rules for the GENIUS Act should close regulatory arbitrage opportunities for offshore stablecoins, restrict intermediaries that actually serve U.S. customers, and ensure foreign stablecoin issuers meet genuinely comparable regulatory standards.