- Circle Chief Jeremy Allaire recently released a video urging US lawmakers to focus on stablecoin regulation.
- Allaire emphasized the importance of digital currencies for the global economy in the future.
- The Circle CEO cited the growing economic threat to the US Dollar to underscore the need for stablecoin regulation.
Jeremy Allaire, the Chief Executive of Circle Internet Financial, recently put out a video message urging lawmakers in the United States to take crypto regulation seriously. Allaire underscored the need for stablecoin regulation as well as rules for other digital assets, amid growing economic threats to the US Dollar.
Allaire took to Twitter earlier today to share a video message that was addressed to American lawmakers and politicians. The video came ahead of a key stablecoin bill that would be voted on by the United States House Financial Services Committee later this month. The video message was meant to be a wake-up call for political leaders and remind them what was at stake.
According to Jeremy Allaire, American politicians have discounted digital assets’ potential impact on the economy, both domestically and globally. He likened crypto’s treatment to that of the internet, which was also dismissed as a fad by politicians in its early days. Allaire argued that digital currencies will revolutionize the global economic system over the next ten years and should have a comprehensive regulatory regime at the earliest.
The Circle CEO pointed out the threat to the US Dollar amid advancements in other emerging economies around the world. “The United States has a choice to make. Does it want dollars to be the foundation of currency on the internet, or do we wanna let other countries lead the way,” Allaire warned.
Allaire stated that in the interest of maintaining the US Dollar as the world’s reserve currency and leading the global economy in the future, the United States needs to build trust in digital dollars and regulate dollar-pegged stablecoins like USD Coin (USDC) which is issued by Circle.
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