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Usha Yadav
Jul 19, 2022
by Usha Yadav

Circle CSO Outlines Stablecoin Policy Proposals for the U.S.

Circle CSO Stablecoin

Table of contents

  1. Markets in Crypto-Assets (MiCA) Framework
  2. Facebook's Libra Stablecoin Project
At congressional hearings, Dante Disparte, the chief strategy officer (CSO) and head of the global policy of Circle, spoke and urged American legislators to weigh the risks while creating a regulatory framework for stablecoins. Circle, the company behind USD Coin (USDC), has an estimated $54 billion in circulation. Disparte listed the 18 principles Circle had formed as part of its campaign to influence stablecoin legislation in the United States in a blog post on Monday. It emphasized privacy issues, the need for regulatory clarity, how stablecoins can coexist with a central bank digital currency, and the market for "a level playing field" between banks and non-banks regarding a U.S. dollar-pegged digital currency.

Markets in Crypto-Assets (MiCA) Framework

The Markets in Crypto-Assets Framework, or MiCA, legislation intended to unify cryptocurrency rules among E.U. member states, was passed by the European Union in June, according to the Circle CSO. To "prevent trans-Atlantic or worldwide misalignment" about stablecoin legislation, Disparte continued, the U.S. could play a leading role.

President's Working Group on Financial Markets released a report on stablecoin regulation in the U.S. in November. Stablecoin issuers should be subject to "appropriate federal oversight" under Congress' jurisdiction, according to the policy recommendations, as the digital asset may develop to the point where it is "outside the regulatory perimeter" of the Securities and Exchange and Commodity Futures Trading Commission.

Facebook's Libra Stablecoin Project

Before joining Circle in April 2021, Disparte was a part of Facebook's Libra stablecoin project, which was eventually renamed, Diem. Jeremy Allaire, CEO of Circle, also spoke in congressional hearings on the digital asset sector in December 2021 before the House Committee on Financial Services and in 2019 before a Senate committee.

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Circle CSO Outlines Stablecoin Policy Proposals for the U.S.
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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