Circle CEO Jeremy Allaire Expects US to Pass Stablecoin Legislation in 2024
Circle CEO Jeremy Allaire has expressed his confidence in the United States finally passing long-awaited stablecoin legislation this year.
In a recent interview with CNBC at the World Economic Forum’s annual meeting in Davos, Switzerland, Allaire said there is growing momentum in the country’s efforts to regulate digital currencies tied to the US dollar.
“I think there’s momentum. I think there’s a very good chance of seeing this pass into law this year,” Allaire remarked during the interview.
Allaire, who leads the company responsible for the popular stablecoin USD Coin ( USDC), highlighted the global trend of central banks and governments embracing digital currencies tied to their national currencies.
He pointed out that other countries had already taken steps to regulate such digital dollar currencies while the United States lagged behind.
“Digital dollars are happening around the world, other governments are regulating dollar-digital currencies before the United States. So I think there is a very strong desire to act and assert U.S. leadership and get the right consumer protections involved,” he explained.
Allaire’s positive outlook is not unfounded, as there have been notable developments on the stablecoin legislative front in the United States.
One of the prominent bills in this regard is the “Clarity for Payment Stablecoins Act,” introduced by U.S. Representative Patrick McHenry.
The bill aims to establish a regulatory framework for stablecoin issuers, similar to that of traditional financial institutions.
Additionally, the “Stablecoin Transparency Act,” introduced by Senator Bill Hagerty on March 31, 2022, has also been under consideration in Congress.
Circle, the company behind USDC, has been actively advocating for
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