Circle Rolls Out New Ad Calling on Common Sense US Stablecoin Regulation
Highlights
- Payment firm Circle calls for stablecoin regulations in the United States.
- The company noted that it will improve innovation while protecting users.
- Stablecoin regulations in the US will also help the dollar globally.
Crypto payment firm, Circle has called on United States regulators to pass stablecoin regulations for innovation and investor protection. Efforts towards global stablecoin regulation have been pushed as the asset class gains popularity among retail and institutional investors. The demand for stablecoin regulations heightened after Terra’s collapse in 2022 and the subsequent fall of FTX.
Circle Tips Stablecoin Regulations
In a July 2 video, Circle explained what is at stake in the United States and globally as the world moves towards a more digital financial ecosystem. According to the Circle, there’s a pathway to order and chaos which can lead to development or stifling of investment and progress.
This week, MiCA, the EU’s comprehensive crypto laws went into effect, representing a massive step forward for the digital asset industry.
The US has a massive opportunity to act now to get stablecoin legislation right, instead of being left behind by other major markets. pic.twitter.com/AiNcNZEgWv
— Circle (@circle) July 2, 2024
“Will the US set standards for stablecoins, or would we continue down the path of uncertainty? Have you ever noticed how the lines on our highways allow us to drive faster and more safely? The rules of the road don’t limit us, they empower us. The rules of finance allow businesses to go faster and farther too. That’s the reason why US markets are the envy of the world.”
Pointing to clear-cut laws in centralized finance, the company advocated for pro-stablecoin laws giving the country an edge. Describing stablecoins as the foundation for modern commerce, Circle added that it 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 reserve currency.
A Move To Protect Investors
Specifically, calls for stablecoin regulation have been made to protect investors. Commentators for pro-markets regulation cite the need to improve cross-border payment in a safe architecture. Circle issues the USDC and highlights its pathway to regulations.
Per the release, its stablecoin reserves are public on its website calling on authorities to make broader rules to protect investors. The company added that the country is a massive opportunity to lead finance to the next internet wave.
Also Read: Binance Unveils Changes In Turkey In Compliance With Regulation
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