On July 23, 2025, American Banker quoted Christopher Boone on the impact of the GENIUS Act and other regulatory impacts on the payments industry. According to the article, the version of market structure legislation that passed in the House is called the CLARITY Act, which is now going before the Senate for consideration.
"Amendments to GENIUS can directly be made," Boone said. "And the CLARITY Act might be one of the vehicles for making amendments, although whether those will address the specific pain points is unclear. Yield in particular is a tough issue."
American Banker reported that the market structure bill may face delays, as the Senate appears likely to draft its own version rather than adopt the House's, unlike the fast-tracked GENIUS Act.
“For this issue and many others, banks and nonbank potential issuers are still in the position of building a product or offering at the same time the rules are being written,” Boone said.
"The kind of where-rubber-meets-the-road issues, we just don't know what the guidelines will be yet," Boone said. "We are basically driving on a road as it's being built, so to speak."
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