Circle President Says GENIUS Act Creates Federal Framework for Payment Stablecoins

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