- Aller published the text of his report to Congress
- In it, he supports the implementation of the stablecoin law.
- Also CEO Circle proposed a number of amendments
- Among other things, he insists on simplified access to Fed accounts for stablecoin issuers.
Yesterday, June 12, Circle CEO Jeremy Aller released the text of his speech to Congress. The hearing is expected to take place today. The process focuses on a bipartisan bill to legalize stablecoins.
Epic with stable “coins” in the USA
Congress could have passed this law as early as April. However, the hearings were postponed because Democrats said the bill was hopelessly outdated.
The development of the bill actually began anew. Today, June 13, the House of Representatives will meet to listen to the arguments of interested parties and discuss the further progress of the initiative.
In addition to Aller, Ava Labs CEO Emin Gun Sirer and Prometheum founder Aaron Kaplan will also speak at the Congress.
Position CEO Circle
In his speech, Aller emphasizes that the States are in dire need of a stablecoin law. Allegedly, this will serve as a stimulus for the development of the economy and strengthen its competitiveness.
“The demand for a safe and secure digital dollar on the internet is real and growing. With the right regulatory framework, stablecoins and blockchains can scale to support billions of users and tens of trillions of dollars in payment activity.” noted Aller.
In his opinion, this bill should become a fundamental factor for the formation of the subsequent regulatory framework. And only if it is available, the digital asset market will be able to develop dynamically.
Also CEO Circle proposed a number of amendments to the bill:
- federal enforcement of industry standards;
- simplified access to Fed accounts for stablecoin issuers;
- use of certified custodians for storing cryptocurrency.
The full text of Aller’s speech can be found at link.