Jeremy Allaire, who is the Co-Founder of stablecoin supplier Circle, will be earnestly pitching for the legislation of the stablecoin at a U.S House Financial Services Committee Hearing.
Simultaneously, he is concerned about the actual positioning of the U.S Dollar and its competitiveness globally. According to written testimony from his side, there is presently an adverse effect on the U.S. dollar that needs to be looked into immediately. In his opinion, it is the power of the Dollar that will help cushion the economic and financial tremors that take place now and then.
Allaire takes the opportunity and shifts the focus onto China and the digital yuan. He strongly feels that the country has helped boost the yuan, and a similar situation should occur on U.S. soil where the Dollar is concerned to ensure it remains at the forefront of the global economy. The way forward is a new stablecoin bill. It was in April 2023 when the House Financial Services Committee issued a draft bill to regulate stablecoin in the U.S.
Taking a step forward, Allaire feels it is the immediate need of the hour to bring up the issue with President Biden. In his observation, countries like Japan and Hong Kong will adopt laws concerning the U.S. Dollar. He feels strongly that different standards should be applied for state and federally licensed-issuers.
Stablecoin issuers need to be controlled in a far more effective way. In his viewpoint, this will help bring about further financial balance and safeguard consumers. In the case of organizations known to issue fake digital dollars, there should be the maximum punishment meted out to them to form a deterrent factor.