Jeremy Allaire, CEO and co-founder of stablecoin issuer Circle, will call lawmakers today at the US House of Representatives Financial Services Committee Session to defend the primacy of the US dollar and help keep the currency competitive on a global scale.
Circle CEO Allaire Says US Dollar Is at a Crossroads
The dollar is at a crossroads, Allaire said, pointing to the rapidly developing geo-economic and geo-political blocs that are putting pressure on the dollar-based global financial system.
"The supremacy of the dollar allows the United States to weather economic and financial shocks (as the dollar strengthens in times of crisis) and have much greater global influence than any other country," he added.
Allaire pointed to China's steps with the digital yuan and said that a stablecoin bill would be a crucial piece of legislation to keep the US currency at the forefront of the global financial system.
In April, the House of Representatives Financial Services Committee released a new draft bill that would regulate stablecoins in the country.
“It should be a national priority to introduce a bill to President Biden's desk,” Allaire said, noting recent efforts in the European Union, Japan and Hong Kong to regulate US dollar stablecoins. "Other countries are passing laws to regulate the use of the US dollar."
Allaire said it believes there should be nationally set standards for state and federal licensed issuers. It also called for "special and limited rights" for stablecoin issuers to access essential Federal Reserve account services.
*Not investment advice.
