Published by Circle CEO Jeremy Allaire. June 12 A blog post featuring the testimony I plan to give to Congress on the draft stablecoin regulation.
Allaire Calls for Pro-U.S. Stablecoin Rules
In a prepared statement, Allaire said:
“The stablecoin bill is an important first step in creating a regulatory framework that will create the conditions for a vibrant and secure digital asset market.”
His comments refer to a bipartisan bill for deliberation entitled “Bill to Provide Regulation for Payment Stablecoins and Other Purposes.”
Allaire said the deliberative bill, if enacted, would provide access to the U.S. dollar while ensuring security and enabling competition.
He said the proposed bill would provide strong regulation, but also suggested improvements. He urged federal enforcement of standards, called for stablecoin issuers to have easy access to Federal Reserve account services, and stablecoin intermediaries to hold stablecoins with accredited and qualified custodians. said it should be obliged to do so.
Allaire also suggested that the bill should include criminal rather than civil penalties for parties issuing counterfeit stablecoins and digital dollars.
CEO warns of loss of US dominance
Allaire said the US dollar’s dominance in global foreign exchange reserves is waning, while alternative digital payment technologies, such as China’s digital yuan, are on the rise. As such, Allaire said the US needs to act to keep the dollar competitive.
He added that other jurisdictions, including the EU, Japan and Hong Kong, have enacted laws regarding stablecoins issued in the United States, and instead of allowing foreign countries to regulate them, U.S. Called for regulation.
Allaire pointed out that his company Circle has its own USDC stablecoin licenses and oversight in the US, Europe and Asia.
Allaire will speak to parliament as follows: June 13th. Other prominent crypto industry members will also be in attendance, including Ava Labs founder and CEO Emin Gün Sirer and Prometheum founder and co-CEO Aaron Kaplan.
Circle CEO praising the US stablecoin bill in a speech prepared for a House committee hearing, first published on CryptoSlate.