On Saturday, April 15, Circle CSO, Dante Disparte tweeted that he would be representing the peer-to-peer payment company behind USDC in a U.S. Congressional Committee hearing on stablecoin payments legislation.
The hearing is set to take place on April 19, which will be just days after a newly drafted bill surrounding stablecoin framework was published in the House of Representatives document repository.
"This hearing marks the first time a comprehensive 'Payment Stablecoin' bill is shared as a draft in response to the President's Working Group on Financial Markets (PWG) recommendations on addressing risks and opportunities with stablecoins," tweeted Disparte.
He added that the hearing reflects a bipartisan approach that has been taken by Chairman Patrick McHenry and Ranking Member Maxine Waters.
Other notable witnesses of the hearing include the New York Department of Financial Services (NYDFS) Superintendent, Adrienne Harris, Chief Policy Officer at Blockchain Association, Jake Chervinsky, and former head of portfolio management at Paxos, Austin Campbell.
As for the recently introduced bill regarding stablecoin regulatory framework, Circle Co-Founder and CEO Jeremy Allaire tweeted "it's an extraordinary moment for the future of the dollar in the world, and the future of currency on the internet," he added that "there is clearly the need for deep, bi-partisan support for laws that ensure that digital dollars on the internet are safely issued, backed and operated."
3/ Currency competition is heating up, and the playing field in this digital currency space race is moving extremely fast. It's time for US leadership, and that means clear regulation and empowering entrepreneurship and innovation within the framework of US prudential law.
— Jeremy Allaire (@jerallaire) April 15, 2023
Based on a memo for the upcoming hearing, attendees will discuss the Evolution of Stablecoins, possible benefits, regulatory framework, and various reports on the asset class from agencies like the SEC, FDIC, CFTC, OCC, and more -- as well as discussions citing the newly drafted bill.
Allaire shared that "while comprehensive, there are clearly open and challenging issues with the bill as proposed, and now is the time for our country and political leaders to really dig in and get this right," highlighting that "the role of the dollar in the world is at stake."
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