Regulation
Circle Launches New Ad Calling for Sensible US Regulation of Stablecoins
Crypto payments company Circle has called on US regulators to adopt stablecoin regulations for innovation and investor protection. The push for global stablecoin regulation has been pushed as the asset class gains popularity among retail and institutional investors. Demand for stablecoin regulation has grown after The collapse of Terra in 2022 and the subsequent fall of FTX.
Circle Tips Regulation on stablecoins
In a July 2 video, Circle explains what’s at stake in the U.S. and around the world as the world moves toward a more digital financial ecosystem. According to Circle, there is a path to order and chaos that can lead to either growth or stifle investment and progress.
This week, MiCA, the EU’s comprehensive cryptocurrency legislation, came into force, representing a huge step forward for the digital asset industry.
The United States has a huge opportunity to act now to put in place proper stablecoin legislation, instead of falling behind other major markets. pic.twitter.com/AiNcNZEgWv
— Circle (@circle) July 2, 2024
“Will the US set standards for stablecoins, or will we continue down the path of uncertainty? Have you ever noticed how the lines on our highways allow us to drive faster and more carefully? The rules of the road don’t limit us, they empower us. The rules of finance also allow businesses to go faster and further. That’s why the US markets are the envy of the world.”
Citing clear laws on centralized finance, the company argued for stablecoin laws that would give the country an advantage. Describing stablecoins as the foundation of modern commerce, Circle added that they can do for finance what email did for communication. Furthermore, the company noted that
stablecoin laws in the United States can help preserve the dollar as the world’s reserve currency.
A measure aimed at protecting investors
Specifically, there have been calls for stablecoin regulation to protect investors. Commentators in favor of market-friendly regulation cite the need to improve cross-border payments within a secure architecture. Circle publishes the USDC and highlights its path towards regulation.
According to the statement, its stablecoin reserves are public on its website, calling on authorities to establish broader rules to protect investors. The company added that the country offers a huge opportunity to lead finance into the next internet wave.
Read also : Binance Unveils Changes in Türkiye to Comply with Regulations
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in emerging technologies and has an eye for breaking news. Staying abreast of trends, David has reported on several niches including regulation, partnerships, crypto assets, stocks, NFTs, and more. Outside of financial markets, David enjoys cycling and horse riding.