Circle exec to join US Congressional committee hearing on stablecoin payments, legislation

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The U.S. House of Representatives Financial Services Committee, also known as the Financial Services Committee, will hold a public hearing on April 19 to discuss the status of stablecoins as a means of payment and whether the ecosystem should support legislation. It’s a schedule.

Financial Services Commission issued A memorandum announcing a public hearing titled “Understanding the Role of Stablecoins in Payments and the Need for Legislation.” The hearing will be based on information collected last year requested by the federal government.

The list above shows the participants who are scheduled to testify at the hearing. This includes Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy. Last month, on March 11, Circle’s in-house stablecoin service, USD Coin (USDC), announced that the company had failed to process his $3.3 billion withdrawal request from Silicon Valley Bank. , detached from the US dollar.

2/ Like other customers and depositors who rely on SVB for their banking services, Circle will join the call for the continuation of this important bank in the U.S. economy and will follow guidance provided by state and federal regulators.

— Circle (@circle) March 11, 2023

However, after intensive intervention, USDC managed to realign its value to the dollar. During this timeline, the hacker managed to gain access to his Disparte’s Twitter account and began promoting bogus loyalty his rewards to longtime USDC users.

Upcoming Financial Services Commission hearings will focus on various stablecoins and their use in the payments environment. Additionally, the Commission will examine the need for stablecoin legislation depending on the underlying collateral structure.

Related: Circle and BlockFi questioned by Warren and AOC about banking with SVB

A few days before the hearing, a bill providing a framework for stablecoins in the United States was published in the House Documents Repository.

Commenting on the bill, Circle CEO Jeremy Allaire said, “There is strong bipartisan support for legislation that ensures that digital dollars on the Internet are securely issued, backed and operated. It is clear that there is a need for

As reported by Cointelegraph, the draft will also allow the US government to establish interoperability standards between stablecoins.

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