USDC

Jeremy Allaire, the man at the helm of stablecoin giant Circle Internet Financial, lauded the United States Congress for its latest legislation aimed at regulating stablecoin. The new <a href="https://docs.house.gov/meetings/BA/BA00/20230613/116085/BILLS-118pih-Toprovidefortheregulation.pdf" rel="noopener noreferrer nofollow">draft</a> of the bi-partisan US Stablecoin Bill was recently unveiled following collaboration between Democratic and Republican members of the US House Committee on Financial Services.Circle CEO Jeremy Allaire took to Twitter earlier today to reflect on the bi-partisan US stablecoin draft:<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/61396ddbf6cb48b886abee0a17c6986e.png" />Jeremy Allaire’s comments came ahead of next week’s hearing on the Future of Digital Assets and Regulatory Clarity. Allaire is set to testify before the House Financial Services Committee. The <a href="https://twitter.com/EleanorTerrett/status/1666962596912668673" rel="noopener noreferrer nofollow">witness list</a> includes Ava Labs founder Emin Gün Sirer, NFA News CEO Thomas Sexton III, and Coy Garrison, former counsel to SEC Commissioner Hester Pierce.According to Allaire, the draft bill represented material progress on key issues related to the Federal Reserve’s standards and rules, treatment of algorithmic stablecoins, interoperability standards, custody, consumer protection, and other crucial rules that would help traditional finance firms venture into digital asset custody.The draft bill would strengthen the ability of federal regulators to set the fundamental floor for qualifying as a payment stablecoin issuer while preserving the role of states in a dual-banking system model for stablecoins. The bill would also provide detailed language around custody, safekeeping, and funds segregation in the interest of investor protection.Read full article at <a href="https://cryptotale.org/circle-ceo-lauds-us-congress-for-new-bi-partisan-stablecoin-bill/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Circle CEO Lauds US Congress For New Bi-partisan Stablecoin Bill

CryptoTale

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