Circle CEO Jeremy Allaire says proposed legislation to create a regulatory framework for stablecoins marks a pivotal moment for the US dollar.
The draft stablecoin bill, which will be discussed during the House Committee on Financial Services hearing on April 19th, proposes the qualifications and requirements to be a payment stablecoin issuer in the US and details the criminal penalties for violators.
The bill also requests the research and exploration of a central bank digital currency (CBDC).
Allaire says the bill has potentially extraordinary implications on the US dollar and digital currencies in general. According to the CEO, the role of the dollar is now at stake if stablecoin regulation isn’t done right.
“It’s an extraordinary moment for the future of the dollar in the world, and the future of currency on the internet. There is clearly the need for deep, bi-partisan support for laws that ensure that digital dollars on the internet are safely issued, backed and operated…
Currency competition is heating up, and the playing field in this digital currency space race is moving extremely fast. It’s time for US leadership, and that means clear regulation and empowering entrepreneurship and innovation within the framework of US prudential law…
While comprehensive, there are clearly open and challenging issues with the bill as proposed, and now is the time for our country and political leaders to really dig in and get this right. The role of the dollar in the world is at stake.”
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