Saturday, November 26, 2022

Circle-CSO identifies priorities for US stablecoin regulation

  • Circle-CSO calls for US policy to regulate stablecoins.
  • Regulation could boost the competitiveness of the United States and create new jobs.
  • The United States should engage with the MICA regulation of the European Union (EU).

Dante Disparte, chief strategist and main lobbyist at stablecoin publisher Circle, has called on US politicians to create balanced and fair regulation for stablecoins.

In the company’s blog yesterday, Dispart listed 18 points that Circle considers necessary to regulate stablecoins in the United States. Among other things, the company speaks about topics such as data protection, “fair competition” between banks and non-banks in issuing US dollar-denominated digital currencies, stablecoins with central bank digital currencies (CBDCs). potential stability. and on general legal clarity.

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“The harmonization of the legal and regulatory framework relating to digital currencies will ensure greater US competition, job creation and greater diversity in the payment system, while at the same time preventing a damaging domestic ‘fintech crisis’ and foreign migration.” , as Disparte points out.

In this context, Circle CSO also refers to the new crypto regulation in the European Union (EU) – the so-called Markets in Crypto Assets (MICA) – which aims to harmonize regulatory provisions across EU member states. Following this, the United States can now work towards ensuring that there are no major deviations in global regulation of stablecoins.

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A US government working group presented a report on the regulation of stablecoins in November. Among other things, it suggested that publishers should be subject to “federal oversight,” in which Congress provides an oversight role because digital currencies can move rapidly “beyond the jurisdiction” of federal agencies such as the SEC and CFTC.

Disparte was previously involved with Libra, Facebook’s stablecoin project being renamed Diem, before joining Circle in April 2021.

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