Circle CEO Allaire urges House to pass Stablecoin Bill.

The CEO of Circle, a company that issues stablecoins, urged lawmakers to pass a bill regulating stablecoins and have President Joe Biden sign it, as other countries are already doing so.

Jeremy Allaire, the CEO, made this statement in his prepared remarks ahead of Tuesday’s House Financial Services Committee hearing, saying that delivering a stablecoin bill to “President Biden’s desk should be a national priority.”

According to Allaire, “today, emerging laws in the European Union, Japan, and Hong Kong are establishing new rules for US-issued dollar stablecoins. That is a point worth repeating – other nations are enacting laws to regulate the use of the US dollar. The time has come for the United States to lead the development of global rules that will determine how our currency moves around the world.”

Work on a stablecoin bill

Republicans in the House Financial Services Committee are working on a stablecoin bill, which will be discussed during a hearing on Tuesday titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem.”

According to a committee spokesperson, the bill would regulate payment stablecoins specifically, and would allow state regulators to supervise stablecoin issuers, with federal regulators having a primary role by issuing capital and liquidity requirements.

The new version of the bill now includes other parts such as the treatment of customer assets by firms providing custodial services and the study on endogenously collateralized stablecoins, after receiving feedback.

Allaire believes that “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.”

Other industry leaders, such as Coy Garrison, Emin Gün Sirer, Thomas Sexton III, and Aaron Kaplan, are also set to testify during Tuesday afternoon’s hearing.

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