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 mentioned in his ready remarks:
“The stablecoin invoice is an important piece of laws that must be step one in making a regulatory framework that builds the situations for a vibrant and protected digital property market.”
His feedback relate to a bipartisan draft dialogue invoice titled “a invoice to supply for the regulation of fee stablecoins, and for different functions.”
Allaire mentioned that the draft dialogue invoice, if it turns into laws, would supply entry to the U.S. greenback whereas guaranteeing security and permitting for competitors.
He mentioned that the proposed laws would supply sturdy regulation however recommended enhancements. He urged for federal enforcement of requirements, known as for simpler entry to Federal Reserve account companies for stablecoin issuers, and mentioned that stablecoin intermediaries must be required to carry stablecoins with chartered certified custodians.
Allaire additionally recommended that the invoice ought to include legal — not civil — penalties for events that difficulty counterfeit stablecoins and digital {dollars}.
CEO warns of U.S. dropping dominance
Allaire mentioned that the U.S. greenback is declining in dominance in world overseas reserves, whereas various digital fee applied sciences comparable to China’s digital yuan are on the rise. As such, Allaire mentioned 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 guide 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 business members together with Emin Gün Sirer, founder and CEO of Ava Labs, and Aaron Kaplan, founder and Co-CEO of Prometheum can even attend.
The publish Circle CEO praises US stablecoin invoice in remarks ready for Home committee listening to appeared first on CryptoSlate.
