CEO Circle Wants US Congress to Pass a Law Regulating Stablecoins
Circle CEO Jeremy Allaire has stated that the passing of the stablecoin law will be the initial step in establishing a safe marketplace for digital assets, and will also boost the competitiveness of the US dollar.
He is set to address members of the US House of Representatives Financial Services Committee on “The Future of Digital Assets: Bringing Certainty to Their Ecosystem” and declared that it is necessary for Washington to lead the foundation of international regulations that will determine the use of the dollar around the world.
With the right regulatory structure, Allaire continued, it is possible to expand the digital dollar to support billions of users and ten trillion dollars’ worth of payment action.
Moreover, he acknowledged that the yuan could very well endanger the long-standing dominance of the dollar due to its Beijing-run Central Bank Digital Currency (CBDC).
“The stakes are too high to ignore,” Allaire said, stressing that digital dollars should be extensively and openly distributed for all legitimate purposes and must be secured by liquid assets of the highest quality with no embedded credit and investment risks.
Thus, the passing of the stablecoin law should be the first step in crafting a regulatory framework that allows for a safe and vibrant stablecoin market.
