Circle CSO sets out policy principles for stablecoins in the United States

Dante Disparte hinted that the United States could take a lead role in regulating stablecoins to "avoid a transatlantic or global misalignment". New

Dante Disparte, chief strategy officer and head of global policy at Circle, who has previously testified in congressional hearings, called on US lawmakers to balance the risks by developing a regulatory path for stablecoins.

In a Monday blog post, Disparte named 18 principles that Circle established as part of its efforts to shape stablecoin policy in the United States. Circle, the company behind USD Coin (USDC) with $54 billion in circulation, highlighted privacy concerns, "level playing field" between banks and non-banks on a digital currency pegged to the US dollar , how stablecoins can co-exist with a central banking digital currency, and the need for regulatory clarity.

“Harmonizing national regulatory and policy frameworks for digital dollar currencies advances U.S. economic competitiveness, job creation, and payments system optionality, while averting a “constitutional crisis.” of “harmful domestic fintech and global regulatory arbitrage,” Disparte said.

The emergence of #Stablecoins (noting that not all are created equal) has sparked an important global policy and regulatory conversation. With a front-row seat to this work since 2019, I'm happy to share @circlepay's stablecoin policy principles.https://t.co/GGPFBgJ0AL

The Circle CSO cited the European Union in June having adopted the Markets in Crypto-Assets Framework, or MiCA – legislation aimed at harmonizing rules...