Draft Stablecoin Bill
On Saturday, April 15, Circle CSO, Dante Disparte tweeted that he would be representing the peer-to-peer payment company behind USDC in a U.S. Congressional Committee hearing on stablecoin payments legislation.
“This hearing marks the first time a comprehensive ‘Payment Stablecoin’ bill is shared as a draft in response to the President’s Working Group on Financial Markets (PWG) recommendations on addressing risks and opportunities with stablecoins,” tweeted Disparte.
The chief strategy officer of US Dollar Coin (USDC) stablecoin issuer Circle is expected to testify during an upcoming US congressional hearing on stablecoin payments.
According to a congressional memo, Circle’s Dante Disparte is scheduled to testify at Wednesday’s Committee on Financial Services hearing titled “Understanding Stablecoins’ Role in Payments and the Need for Legislation.”
The committee hearing will focus on various types of stablecoins and explore the possibility of regulations, including a draft bill that proposes the qualifications and requirements for a payment stablecoin issuer in the US.
Others who are expected to testify include Adrienne Harris, Superintendent of the New York State Department of Financial Services; Austin Campbell, adjunct assistant professor of business at the Columbia Business School; and Jake Chervinsky, chief policy officer of The Blockchain Association.
Circle CEO Jeremy Allaire recently weighed in on the draft bill, saying it has potentially extraordinary implications.
“It’s an extraordinary moment for the future of the dollar in the world, and the future of currency on the internet; There is clearly the need for deep, bi-partisan support for laws that ensure that digital dollars on the internet are safely issued, backed and operated…
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…
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.”
Earlier this year, Disparte said that the widespread adoption of crypto technology is inevitable.
“Arguably, just as boards and executive teams reluctantly owned their cybersecurity and digital transformation mandates, the embrace of crypto technology is equally inevitable, even if the term feels like a bad word. For all its faults, this technology remains a protagonist in the global financial world.”