US Representative French Hill Advocates for Refining the GENIUS Act

Representative French Hill of the US House of Representatives is observing the overhaul of the Digital Asset Market Clarity Act by senators, but he and Senator Cynthia Lummis appear to agree that one of the bill's objectives should be to modify the existing stablecoin legislation. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act is the most significant accomplishment for the crypto industry and its allies in Washington to date, with federal regulators already working on implementing its oversight of US stablecoin issuers. However, as the new law was authored in the Senate after years of work in the House on similar texts, the House-passed Clarity Act this year includes changes to GENIUS. The tweaks outlined in Section 512 of the legislation aim to strengthen and improve GENIUS. Hill stated that these changes were intended to make GENIUS more robust based on the work done in the House. Senator Lummis, a staunch crypto advocate, anticipates that the Senate's market structure bill will modify the stablecoin law and expressed her desire to be respectful of the House's amendments. Both Hill and Lummis have expressed their willingness to collaborate on refining the GENIUS Act, with the goal of turning the market structure effort into law by the end of the year.