Circle CEO Jeremy Allaire printed a June 12 weblog publish that includes testimony that he plans to current to Congress concerning draft stablecoin regulation.
Allaire urges for pro-U.S. stablecoin guidelines
Allaire stated in his ready remarks:
“The stablecoin invoice is a vital piece of laws that must be step one in making a regulatory framework that builds the circumstances for a vibrant and secure digital property market.”
His feedback relate to a bipartisan draft dialogue invoice titled “a invoice to offer for the regulation of cost stablecoins, and for different functions.”
Allaire stated that the draft dialogue invoice, if it turns into laws, would offer entry to the U.S. greenback whereas guaranteeing security and permitting for competitors.
He stated that the proposed laws would offer sturdy regulation however urged enhancements. He urged for federal enforcement of requirements, known as for simpler entry to Federal Reserve account providers for stablecoin issuers, and stated that stablecoin intermediaries must be required to carry stablecoins with chartered certified custodians.
Allaire additionally urged that the invoice ought to include legal — not civil — penalties for events that problem counterfeit stablecoins and digital {dollars}.
CEO warns of U.S. dropping dominance
Allaire stated that the U.S. greenback is declining in dominance in world overseas reserves, whereas different digital cost applied sciences resembling China’s digital yuan are on the rise. As such, Allaire stated that the U.S. should act to maintain the greenback aggressive.
He added that different jurisdictions together with the EU, Japan, and Hong Kong are creating legal guidelines for stablecoins issued within the U.S. He urged U.S. lawmakers to steer stablecoin regulation as an alternative of permitting overseas nations to take action.
Allaire famous that his firm, Circle, has obtained licenses and supervision within the U.S., Europe, and Asia for its personal USDC stablecoin.
Allaire will current his remarks earlier than Congress on June 13. Different notable crypto trade members together with Emin Gün Sirer, founder and CEO of Ava Labs, and Aaron Kaplan, founder and Co-CEO of Prometheum may also attend.
The publish Circle CEO praises US stablecoin invoice in remarks ready for Home committee listening to appeared first on CryptoSlate.
