TechFlow, December 30 — House Financial Services Committee Chairman French Hill stated that passing a stablecoin bill backed only by the dollar (Genius Act) without accompanying market structure legislation such as the Clarity Act would be like having a mobile phone without networks or cell towers. Hill emphasized that the industry needs clear "cell towers"—clear rules for banks, brokers, DeFi protocol developers, and traders—to truly function. He pointed out that stablecoins require not only issuance regulations but also distribution channels, and the lack of market structure would lead to fragmented liquidity and stalled adoption.
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