The CEO of stablecoin issuer Circle is urging the United States to maintain dollar competitiveness by establishing clear guidelines for stablecoins.
At the U.S. House Financial Services Committee’s latest hearing on stablecoin legislation, Jeremy Allaire say the stakes are too high to ignore and that the US must ensure that the dollar becomes the most competitive fiat currency on the internet.
“As a nation, we must therefore ensure that the dollar is the most competitive currency on the internet and that there can be universal access to the safest and most secure digital dollars possible. The stakes are simply too high to ignore.”
According to the executive, the dollar plays an important geopolitical and economic role for the US and its accessibility should be improved amid the deepening of digital technologies.
“Access to dollars is not only about America’s economic competitiveness and international status, but also about deepening the role of the dollar as a store of value and a reliable medium of exchange in a global economy driven by smart devices and software. Digital dollars must circulate freely and widely on the internet for all lawful uses.”
Allaire goes on to say that getting a stablecoin bill legally signed should be a priority as it would create a secure way for the US dollar to remain competitive in an increasingly digital era.
“The stablecoin bill is a crucial piece of legislation that should be the first step in creating a regulatory framework that creates the conditions for a vibrant and secure digital asset market. It would also have significant implications well beyond the digital asset market to the global role of the US dollar. The stablecoin account would allow access to dollars, security and competitiveness in the digital currency era.
I appreciate the substantial work that went into drafting this law, and the sincere bipartisan effort to reach agreement and pass sensible legislation that addresses the most pressing issues. Delivering a bill to President Biden’s desk should be a national priority.”
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