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


The United States House Committee on Financial Services will hold a hearing on April 19 to discuss stablecoins’ position as a means of payment and whether the ecosystem needs supporting legislation.

The committee issued a memorandum to announce an upcoming hearing titled: “Understanding Stablecoins’ Role in Payments and the Need for Legislation.” The hearing will include information collected by various federal government agencies over the last year.

How To Get Free Crypto  

List of individuals testifying at the upcoming House Financial Services Committee hearing. Source:

Participants testifying at the hearing include Circle’s chief strategy officer and head of global policy, Dante Disparte. Last month, on March 11, Circle’s in-house stablecoin offering, USD Coin (USDC), depegged from the U.S. dollar after it revealed it had $3.3 billion of funds stuck at the collapsed Silicon Valley Bank (SVB).

However, following a bailout of SVB depositors by the U.S. government, USDC repegged its value to the U.S. dollar. During this timeline, hackers managed to gain access to Disparte’s Twitter account and started promoting fake loyalty rewards to long-time users of USDC.

The upcoming committee hearing will focus on various stablecoins and their use in the payments landscape. Moreover, the committee will explore the need for stablecoin legislation depending on their underlying collateral structures.

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

Just days before the upcoming hearing, a draft bill providing a framework for stablecoins in the United States was published in the House of Representatives document repository.

Coinbase Banner  

Draft of the bill, including stablecoin regulations. Source:

Speaking about the draft bill, Circle’s CEO Jeremy Allaire said, “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.“

As Cointelegraph reported, the draft further allows the U.S. government to establish standards for interoperability between stablecoins.

Magazine: Bitcoin in Senegal: Why is this African country using BTC?

Go to Source
Author: Arijit Sarkar

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.