Former CFTC Chair Urges US Congress to Pass Stablecoins Bill
The adoption of the stablecoin bill is critical for the US financial system, according to Heath Tarbert, Circle’s general counsel and former head of the CFTC.
In his piece for CoinDesk, Tarbert stressed the parallels between the 2007-2008 financial crisis and the current state of digital currencies, highlighting the need for similar measures to regulate stablecoins.
He believes that adopting legislation aimed at financial stability and consumer protection is vital for realizing the potential of stablecoins to modernize the financial system, strengthen the US dollar, and make transactions more efficient for businesses and consumers.
Tarbert also emphasized the growing importance of stablecoins in various transactions, such as trade, remittances, and humanitarian aid, citing their practical utility and potential to reduce transaction costs compared to traditional bank transfers.
He also noted the increasing understanding in Congress of the need to regulate digital assets, as seen with the approval of the Stablecoin Payment Transparency Act by the House Financial Services Committee.
