Heath Tarbert: Congress should pass the CLARITY Act to improve regulation

Circle President and former CFTC Chairman Heath Tarbert stated at a hearing of the U.S. House Financial Services Committee that the GENIUS Act has established a federal regulatory framework for payment based stablecoins. Congress should next complete the long-term regulatory framework for the digital asset market layer through the CLARITY Act, and require the GENIUS Act to implement rules to block offshore stablecoin regulatory arbitrage space, restrict intermediaries serving U.S. customers, and ensure that foreign stablecoin issuers meet comparable regulatory standards.