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Congressman: House bills set stablecoin principles; says Treasury rulemaking and Senate debate can resolve details
Summary
The congressman said the House passed the Genius Act and the Clarity Act and that stablecoins should be treated the same whether issued by banks or non‑banks; he recommended resolving pay‑for‑yield and sales‑practice issues through Treasury rulemaking and Senate statute.
A questioner asked where crypto market‑structure legislation stands and cited concerns that banks had lobbied against provisions of the Clarity Act that would broaden freedom for crypto companies.
The congressman said the House passed the Genius Act, which “created the first US dollar backed payment stablecoin,” and that the Clarity Act also passed the House. He said both measures reflected a bipartisan view in the House that stablecoins should not pay yield and should be treated the same whether issued by banks or non‑banks. “In my view this can be resolved in the Clarity Act and I hope soon,” he said, and he recommended that Treasury’s forthcoming rulemaking to implement the Genius Act address sales practices, capital supervision and the question of whether stablecoins should pay yield.
The questioner cited a reported reaction from JPMorgan CEO Jamie Dimon, who said banks were concerned about parity if non‑bank issuers faced lighter regulation; the congressman said rulemaking by Treasury and statutory language in the Senate could be used to find a compromise that treats issuers equally.
No final regulatory decision or Senate statute was recorded in the transcript; the congressman framed next steps as rulemaking by Treasury to implement House legislation and continued legislative debate in the Senate.
