Please enter CoinGecko Free Api Key to get this plugin works.

Circle CEO Urges Stablecoin Laws: Video Testimony Before Congress


Circle CEO Jeremy Allaire has called on Congress to create a regulatory framework for stablecoins in a recent video testimony. Allaire believes that a clear and consistent legal framework for stablecoins is needed to avoid regulatory confusion and to ensure the stability and growth of the cryptocurrency industry.

The Need for Stablecoin Regulation

Allaire argues that stablecoins, which are cryptocurrencies that are pegged to a stable asset like the US dollar, have become an important part of the cryptocurrency ecosystem. They are used for a variety of purposes, including remittances, cross-border payments, and as a store of value. However, the lack of regulatory clarity around stablecoins has led to confusion and uncertainty, which has hindered the growth of the industry.

The Risks of Unregulated Stablecoins

Allaire also highlights the risks associated with unregulated stablecoins, such as the potential for fraud and market manipulation. He believes that a clear regulatory framework would help to mitigate these risks and protect consumers.

The Need for Collaboration

Allaire emphasizes the need for collaboration between industry stakeholders and regulators to create effective stablecoin regulations. He believes that a collaborative approach will help to ensure that the regulations are practical and effective.

Related:FTC Takes Aim at OpenAI?s ChatGPT with Lengthy Criminal Investigation Questionnaire


In conclusion, Jeremy Allaire believes that stablecoins have the potential to revolutionize the way we transact, but that a clear and consistent legal framework is needed to ensure their stability and growth. He calls on Congress to collaborate with industry stakeholders to create effective regulations that will protect consumers and promote innovation in the cryptocurrency industry.

Official Accounts

Official Telegram Channel:
Official Instagram Account:
Official Twitter Account:

Related Articles

Understanding ERC-223 Tokens: A Safer Approach to Gas Fees and Enhanced Security

Dive into the world of ERC-223 tokens, offering enhanced security and efficient gas fee management in blockchain transactions. Learn how they safeguard against loss in unsupported...

What is ERC-6551: the Future of NFTs

Discover ERC-6551, a transformative standard in the NFT landscape, enhancing asset ownership, social identity, and enabling autonomous actions...

The Power of Trustless Smart Contracts and Optimism Layer Two: Insights from Perpetual Protocol Co-founder

Explore the transformative power of trustless smart contracts, DeFi innovations, and the Arbitrage Vault. Learn about Optimism Layer Two and Perpetual Protocol's...
Please enter CoinGecko Free Api Key to get this plugin works.