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Circle Launches New Commercial Calling for Common-Sense Regulation of US Stablecoins
Cryptocurrency payments firm Circle has called on U.S. regulators to approve stablecoin regulations for innovation and investor protection. Efforts toward global stablecoin regulation have been pushed as the asset class gains popularity among retail and institutional investors. Demand for stablecoin regulations has increased after The Collapse of Earth in 2022 and the subsequent collapse of FTX.
Stablecoin Regulations Circle Tips
In a July 2 video, Circle explained what’s at stake in the U.S. and globally as the world moves toward a more digital financial ecosystem. According to Circle, there’s a path to order and chaos that can lead to either growth or the stifling of investment and progress.
This week, MiCA, the EU’s comprehensive cryptocurrency regulation, came into force, representing a huge step forward for the digital asset industry.
The US has a huge opportunity to act now to bring stablecoin legislation into line, rather than lagging behind other major markets. photo.twitter.com/AiNcNZEgWv
— Circle (@circle) July 2, 2024
“Will the US set standards for stablecoins or will we continue down the road of uncertainty? Have you ever noticed how the lines on our highways allow us to drive faster and safer? The rules of the road don’t limit us, they empower us. The rules of finance also allow companies to go faster and further. That’s why US markets are the envy of the world.”
Pointing to clear laws in centralized finance, the company has advocated for pro-stablecoin laws that give the country an edge. Describing stablecoins as the foundation of modern commerce, Circle added that it can do for finance what email did for communication. Furthermore, the company noted that
Read about stablecoins in the United States can help preserve the dollar as the world’s reserve currency.
A move to protect investors
In particular, there have been calls for stablecoin regulation to protect investors. Commentators in favor of pro-market regulation cite the need to improve cross-border payments in a secure architecture. Circle issues the USDC and highlights the path towards regulation.
According to the statement, its stablecoin reserves are public on its website, calling on authorities to establish broader rules to protect investors. The company added that the country is a huge opportunity to lead finance into the next wave of the Internet.
Read also: Binance Unveils Changes in Türkiye in Accordance with Regulation
David is a financial news contributor with 4 years of experience in Blockchain and cryptocurrency. He is interested in learning about emerging technologies and has an eye for breaking news. Keeping up to date with trends, David has written in several niches including regulation, partnerships, cryptocurrency, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horseback riding.