Dante Disparte, Circle’s chief strategy officer and head of global policy, who has previously testified at congressional hearings, has called on United States lawmakers to balance the risks with developing a regulatory path for stablecoins.
In a Monday blog post, Disparte named 18 principles Circle had established as part of its effort to shape stablecoin policy in the United States. Circle, the company behind USD Coin (USDC) with a reported $54 billion in circulation, highlighted privacy concerns, “a level playing field” between banks and non-banks over a U.S. dollar-pegged digital currency, how stablecoins can coexist alongside a central bank digital currency and the need for regulatory clarity.
“Harmonizing national regulatory and policy frameworks for dollar digital currencies advances U.S. economic competitiveness, job creation and payment system optionality, while averting a harmful domestic ‘fintech constitutional crisis,’ and global regulatory arbitrage,” said Disparte.
The emergence of #Stablecoins (noting that not all are created equal) has triggered an important global policy and regulatory conversation. With a front row seat in this work since 2019, I’m pleased to share @circlepay‘s stablecoin policy principles.https://t.co/GGPFBgJ0AL
— Dante Disparte (@ddisparte) July 18, 2022
The Circle CSO cited the European Union in June passing the Markets in Crypto-Assets Framework, or MiCA — legislation aimed at harmonizing regulations for crypto among EU member states. Disparte added that the U.S. could take a leading role in an effort to “avoid…