Circle, the US company behind the popular stablecoin usdcis set to testify at a congressional hearing on Wednesday about stablecoin regulation in the US.
In a hearing titled “Understanding Stablecoins’ Role in Payments and the Need for Legislation,” Circle Chief Strategy Officer Dante Disparte hopes to make the case for why the US should support private companies that issue dollar-backed stablecoins on-chain. Does
In a Saturday tweet, Disparte said he “looks forward to representing the Circle” at the hearing, noting that a draft stablecoin bill was shared for the first time in response to the recommendations of the President’s Working Group on Financial Markets. Has gone.
Others testifying at the hearing included Jake Chervinsky, chief policy officer of the Blockchain Association, Austin Campbell, adjunct assistant professor at Columbia Business School, and Adrienne Harris, superintendent of the New York State Department of Financial Services (NYDFS).
New draft law to regulate stable coins
Besides testimony, the agenda for the hearing also includes review of 72 pages of a draft Legislation “To provide requirements for payment stablecoin issuers, research on digital dollars, and other purposes.”
Among other things, the draft law covers relevant definitions, sets requirements for the issuance of stablecoins, and introduces standards for interoperability, reporting, and enforcement.
Commenting on the draft bill ahead of the weekend, Circle CEO Jeremy Allaire said that as the competition between world currencies “heats up,” it is important that the U.S. be clear about issuing and using a “digital dollar on the Internet.” Provides regulation.
“The role of the dollar in the world is at stake,” Allaire wrote.