Circle CEO Jeremy Allaire had a firm warning for policymakers on Thursday: Protect stablecoins or the US dollar will lose global dominance.

“If the dollar is to remain the world reserve currency… then we need to build trust in digital dollars and regulate stablecoins today,” said Allaire in a glossy video ad shared on Twitter.

His statement is one of many calls for Congress to consider the moment as it prepares to vote on stablecoin legislation still being drafted and revised by the House Financial Services Committee (HFSC).

Democrats and Republicans have butted heads on the issue, and are slowly reaching a compromise on how much authority the Federal Reserve should have in overseeing stablecoin issuers, among other things. 

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Author: Andrew Throuvalas

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