After the U.S. House Financial Services Committee accused SEC Chair Gary Gensler of forcibly regulating the crypto market under inconsistent and non-applicable rules in an oversight hearing, the committee will discuss stablecoins’ role in payments, research on the digital dollar, and the imperative need for legislation.
NYDFS’ Superintendent Adrienne A. Harris, Circle’s chief strategy officer Dante Disparte, Columbia Business School assistant professor Austin Campbell, Blockchain Association’s chief policy officer Jake Chervinsky, and Consumer Reports’ Director Delicia Reynolds Hand to testify before the committee on April 19.
The U.S. House Financial Services Committee’s scheduled hearing entitled “Understanding Stablecoins’ Role in Payments and the Need for Legislation” has a major focus on USD Coin (USDC) as the preferred stablecoin for payments in the U.S.
Recently, the committee published a draft stablecoin bill focusing on a definition for payment stablecoin issuers, research on the “Digital Dollar” central bank digital currency (CBDC), and other purposes.
Prepared Testimony By Witnesses For House Stablecoin Hearing
According to Circle’s Dante Disparte, USDC as payment stablecoins will improve the U.S. economic competitiveness and national security. Moreover, it will help ensure the US dollar remains a dominant global currency due to USDC’s global presence, acceptance, and transparency.
Circle’s USDC remains fully compliant with U.S. regulations and laws, and will adhere to all U.S. policies and guidance in the future.
Blockchain Association chief policy officer Jake Chervinsky believes stablecoins to offers “a revolutionary upgrade” on the traditional payment systems. Chervinsky claims that dollar-denominated stablecoins will increase financial inclusion and preserve the US dollar’s role in the international economy, and improve cross-border transactions. The Congress must pass stablecoin legislation for regulating stablecoins for regulatory clarity, with CFTC considering USD Coin as a commodity.
NFDFS’ Adrienne A. Harris believes a well-established dual-banking regulatory system is required to effectively regulate US dollar-backed stablecoins. Harris, along with Austin Campbell and Delicia Reynolds Hand, believes a stablecoin regulation is crucial.
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