The chief executive of stablecoin issuer Circle is urging the United States to maintain the competitiveness of the dollar by creating clear guidelines for stablecoins.
During the U.S. House Financial Services Committee’s latest hearing on stablecoin legislation, Jeremy Allaire says the stakes are too high to ignore and that the US must ensure the dollar is the most competitive fiat currency on the internet.
“As a nation, therefore, we need to 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 serves an important geopolitical and economic role for the US and its accessibility should be enhanced amid the deepening of digital technologies.
“Access to dollars is not only about America’s economic competitiveness and international stature, but also about deepening the role of the dollar as a store of value and reliable medium of exchange in a global economy powered by smart devices and software. Digital dollars should freely and widely circulate on the internet for all lawful uses.”
Allaire goes on to say that getting a stablecoin bill signed into law should be prioritized as it would create a safe way for the US dollar to remain competitive in an increasingly digital age.
“The stablecoin bill is a crucial piece of legislation that should be the first step in creating a regulatory framework that builds the conditions for a vibrant and safe digital assets market. It would also have significant ramifications that go far beyond the digital assets market to the global role of the US dollar. The stablecoin bill would enable dollar access, safety and competitiveness in the digital currency age.
I appreciate the substantial work that has gone into drafting this law, and the genuine bi-partisan effort to reach common ground 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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