Circle President and former Commodity Futures Trading Commission Chair Heath Tarbert told a hearing of the U.S. House Financial Services Committee that the GENIUS Act has already established a federal regulatory framework for payment stablecoins. He described that framework as a "dollar layer" for the internet financial system. Tarbert said Congress should next pass the CLARITY Act to complete a long-term regulatory framework for the "market layer" of digital assets. He also called on policymakers to make sure the GENIUS Act’s final implementing rules close room for regulatory arbitrage by offshore stablecoins. In his remarks, Tarbert said intermediaries that actually serve U.S. customers should face corresponding restrictions, and foreign stablecoin issuers should be required to meet genuinely comparable regulatory standards.
Circle President and former Commodity Futures Trading Commission Chair Heath Tarbert told a hearing of the U.S. House Financial Services Committee 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.
Tarbert said Congress should next pass the CLARITY Act to complete a long-term regulatory framework for the digital asset "market layer."
He also urged that the GENIUS Act’s final implementing rules should close regulatory arbitrage routes for offshore stablecoins, impose corresponding restrictions on intermediaries that actually serve U.S. customers, and ensure that foreign stablecoin issuers meet truly comparable regulatory standards.
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