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Circle’s Chief Executive Officer Warns Congress of US Crypto Facing Doom

Posted on July 14, 2023

According to Jeremy Allaire, the United States dollar is at risk, thus the need for legislators to pass stablecoin regulation. In turn, this will create trust in a digital dollar.

Circle’s CEO cautions that the failure of Congress to regulate stablecoins quickly will threaten the US dollar’s position as a worldwide reserve currency. On July 13, Jeremy Allaire targeted lawmakers via a two-minute video by Circle, the USD Coin issuer.

This video comes amid the reintroduction of bipartisan digital asset-specific legislation on July 12. Initially, the law was tabled in June 2022.

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Digital Yuan Poses Threats to Erode US Dollar’s Position

In the video, Jeremy Allaire revealed the risky position of the dollar’s position of strength. He also revealed that there is an increase in competition for the money that gets utilized on the internet. A consideration of whether international trade will be conducted in digital euros, yuan, or dollars is crucial. 

In the past, Allaire revealed that via stablecoins, China could enhance the yuan’s utilization and adoption. Further, he revealed that the United States should decide its intention for the dollar to be the internet’s currency foundation. It should also consider whether other nations can lead the way. 

Stablecoin Regulation Critical to Shield Dollar as Globe’s Reserve Currency

Allaire stated that building trust in digital dollars and regulating stablecoins is the only way to ensure that the dollar remains the globe’s reserve currency. Besides, it will also ensure that the nation leads the globe’s economy for the next decade and beyond. 

According to his argument supporting the regulation of stablecoin, he revealed that crypto would significantly alter how people pay for things. Many people will utilize crypto because traditional financial payments take a long. Besides, the fees involved amount to almost a trillion tax on the worldwide economy.

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Galaxy Digital Executive Supports Regulated Stablecoins

Mike Novogratz, the founder of crypto investment organization Galaxy Digital, tends to concur with Allaire’s assertions. On 13th July, he rhetorically questioned his Twitter followers whether they would prefer a stablecoin paying higher interest than a bank that appears similar to a hedge fund.

Novogratz revealed that the answer is vivid and hoped that the United States legislators would support the establishment of properly-regulated stablecoins instead of repelling it.


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