ICYMI: Circle CEO: House legislation ‘best shot’ for digital dollar competition
Crypto industry experts believe Congress could pass new stablecoin regulations in the next year
"I think it is the best shot the U.S. has right now to compete in digital dollar currency,” Circle CEO Jeremy Allaire said.by the House Financial Services Committee. The bill would allow for private stablecoin issuers to register through financial regulators, provided they meet certain standards. The legislation would also require the Federal Reserve to report to Congress on the possibility of a central bank digital currency.
The Financial Stability Oversight Council, a committee of senior regulators chaired by Treasury Secretary Janet Yellen, released a report last week encouraging lawmakers to pass new stablecoin regulations. The move could give the legislation new momentum.
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