US’ Payment Stablecoin Bill Poses Issues Along with Advantages

  • Allaire told that the bill ensures that digital dollars on the internet are safely issued, backed, and operated.
  • The entrepreneur also pointed out the issues that the bill poses.

Jeremy D Allaire, the American technologist and CEO of the digital asset company Circle, wrote on his official Twitter page about the US Draft of the Payment Stablecoin Bill, acknowledging it as “a product of bi-partisan efforts”.

On April 15, the entrepreneur shared a chain of Twitter posts, hailing “the first comprehensive proposed law for Payment Stablecoins”:

Previously, the US Congress released the Discussion Draft, proposing the basic requirements for establishing the legal status of a stablecoin issuer, ensuring that “digital dollars on the internet are safely issued, backed and operated”.

Following the publication, Allaire shared a glimpse of the draft, describing it as “an extraordinary moment for the future of the dollar in the world, and the future of currency on the internet”.

As per the words of the Circle CEO, Congress’ move is a  necessity to sustain US’ leading position in the crypto space. He commented that:

Currency competition is heating up, and the playing field in this digital currency space race is moving extremely fast. It’s time for US leadership, and that means clear regulation and empowering entrepreneurship and innovation within the framework of US prudential law.

Interestingly, the internet entrepreneur also threw light upon the bi-partisan sponsored hearing that is supposed to be organized in the US House Committee the next week, focusing on the possible issues of the bill.

Further, he posited that apart from being a boon for the country, the bill has certain challenges, stating:

While comprehensive, there are clearly open and challenging issues with the bill as proposed, and now is the time for our country and political leaders to really dig in and get this right. The role of the dollar in the world is at stake.

In addition, he attached a memo, addressed to the Committee on Financial Services, through which the members call attention to the issues, seeking the US government’s and the financial industry’s scrutiny over the issue.

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