- Aller released the text of his report to Congress
- In it, he supports the implementation of the stablocoin law
- The Circle CEO also proposed a number of amendments
- In particular, he insists on simplified access to Fed accounts for stablocoin issuers
Jeremy Aller, Circle CEO, released the text of his speech to Congress yesterday, June 12. The hearing is expected to be held today. The process focuses on a bipartisan bill to legalize stablcoins.
The stable “coin” epic in the U.S.
Congress could have passed this legislation back in April. But the hearing was postponed because Democratic officials said the bill was hopelessly outdated.
The bill was actually being rewritten.. Today, June 13, the House of Representatives will meet to hear arguments from stakeholders and discuss moving the initiative forward.</nbsp;
In addition to Aller, Ava Labs CEO Emin Gun Sirer and Prometheum founder Aaron Kaplan will also speak in Congress.</nbsp;
The CEO Circle
In his speech, Aller emphasizes that states badly need a stablocoin law. The demand for a safe and secure digital dollar on the Internet is real and growing.. With the right regulatory framework, stablocoins and blockchains can scale to support billions of users and tens of trillions of dollars of payment activity,” said Allaire.
In his view, this bill should be a foundational factor in shaping the subsequent regulatory framework. And only if there is one, the market of digital assets will be able to develop dynamically.</nbsp;
The Circle CEO also proposed several amendments to the bill:
- federal enforcement of set standards in the industry;
- improved access to the Federal Reserve accounts for issuers of stablcoins;
- use of certified custodians for cryptocurrency storage.</nbsp;
The full text of Aller’s speech is available here.