Stablecoin Regulation Debate: Industry Leaders' Perspectives
#Stablecoins
#USDC - USDC
Stablecoin Regulation Debate: Industry Leaders' Perspectives
US lawmakers are gearing up for a contentious discussion on stablecoin regulation, with prominent industry figures set to present their views on the future of digital asset oversight. Charles Cascarilla, CEO of stablecoin issuer Paxos, will testify before the House Financial Services Committee, advocating for 'cross-jurisdictional reciprocity' in regulations. He expressed concerns about hurdles faced by Paxos' Global Dollar (USDG) due to being issued through a regulated entity in Singapore. Cascarilla urged lawmakers to enhance 'international reciprocity language' with defined timelines for the US Treasury Department to designate overseas jurisdictions for regulation. He emphasized that delays could impede stablecoin adoption. While some call for global regulation, others like Circle's Jeremy Allaire suggest domestic registration for stablecoin issuers. Circle's USDC was the first MiCA-compliant stablecoin. Compliance issues in the EU have led to delistings of Paxos stablecoins. The industry is at a crossroads regarding regulatory frameworks for stablecoins.
