According to CoinMeta, the CEO of Circle, former chairman of CFTC Heath Tarbert, stated at a hearing before the U.S. House Financial Services Committee that the Genius legislation has established a federal regulatory framework for payment-style stablecoins. Congress should next pass the Clarity legislation to complete the long-term regulatory framework for the digital asset market. He also called for the implementation of rules under the Genius legislation to eliminate regulatory arbitrage opportunities for offshore stablecoins, restrict intermediaries serving U.S. customers, and ensure that foreign stablecoin issuers meet comparable regulatory standards.