Circle CEO, Jeremy Allaire, has called for the urgent passing of a stablecoin bill, which he hopes will be signed by President Joe Biden. He argues that other countries are already making progress in this area, with new laws being established in the European Union, Japan, and Hong Kong to regulate the use of US-issued dollar stablecoins. Allaire has urged the United States to take the lead in developing global rules that determine how their currency moves around the world.

Regulating payment stablecoins

The House Financial Services Committee is set to discuss a stablecoin bill, with Republicans working on the draft. The bill, titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem,” would be a crucial piece of legislation that could create a regulatory framework for a vibrant and safe digital assets market, according to Allaire.

The latest version of the bill has undergone several changes after receiving feedback, with Democrats and Republicans reaching a compromise. The bill will regulate payment stablecoins specifically, and state regulators will supervise stablecoin issuers. Federal regulators will have a primary role in issuing capital and liquidity requirements.

Testimonies from industry experts

Several industry experts, including Coy Garrison, partner at Steptoe & Johnson LLP and former counsel to Securities and Exchange Commission’s Hester Peirce, will testify on Tuesday afternoon. Other speakers include Emin Gün Sirer, founder of Ava Labs, Inc; Thomas Sexton lll, president of the National Futures Association; and Aaron Kaplan, founder of Prometheum, Inc.

Allaire has stressed the importance of passing the stablecoin bill and delivering it to President Biden’s desk as a national priority. He argues that the time has come for the United States to lead the development of global rules that will determine how their currency moves around the world. With other countries already making progress in this area, it’s imperative that the United States takes action to regulate the use of US-issued dollar stablecoins.

Circle CEO Jeremy Allaire is calling for the urgent passing of a stablecoin bill, which he hopes will be signed by President Joe Biden. Other countries are already making progress in this area, and Allaire argues that the United States must take the lead in developing global rules that determine how their currency moves around the world. With the House Financial Services Committee set to discuss the bill, industry experts will testify on Tuesday afternoon, stressing the importance of passing the stablecoin bill and delivering it to President Biden’s desk as a national priority.

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