Jeremy Allaire, the CEO of Circle, testified before the US House Financial Services Committee recently, urging lawmakers to prioritize the primacy of the US dollar and enact crucial stablecoin legislation. Allaire shared his prepared remarks in a blog post, highlighting the need for comprehensive regulation to establish a secure and vibrant digital assets market.
Allaire expressed support for a bipartisan draft discussion bill titled “a bill to provide for the regulation of payment stablecoins, and other purposes.” He endorsed the legislation, emphasizing that it would enable access to the US dollar while ensuring safety and promoting healthy competition. However, he also suggested specific improvements, such as federal enforcement of standards, easier access to Federal Reserve account services for stablecoin issuers, and the requirement for stablecoin intermediaries to hold funds with chartered qualified custodians. Allaire recommended criminal penalties for entities involved in counterfeit stablecoin and digital dollar issuance, instead of civil penalties.
The Circle CEO stressed the urgency of taking action to preserve the dominance of the US dollar, given its declining position in global foreign reserves. He pointed out the growing influence of alternative digital payment technologies like China’s digital yuan and urged US lawmakers to proactively lead stablecoin regulation to avoid relying on foreign jurisdictions.
Allaire highlighted the progress made by Circle, which has obtained licenses and supervision for its USDC stablecoin in the US, Europe, and Asia.
Allaire’s testimony, alongside other prominent figures in the cryptocurrency industry, were also presented before Congress. The outcome of the hearing may have a significant impact on the future of stablecoin regulation in the US and influence global approaches to overseeing digital currencies. Stakeholders eagerly await Congress’s response to the need for regulatory clarity and guidance in the evolving stablecoin market.
InQubeta: Reforming the AI Investment Landscape
Get ready to discover InQubeta, the platform that’s fully changing the AI investment game. By bringing together $QUBE tokens and a unique NFT marketplace, InQubeta opens up fractional investment opportunities in AI startups to a significantly broader audience.
Central to the InQubeta ecosystem is the $QUBE token, an exciting ERC20 token designed to appreciate in value over time. With a 2% transaction tax contributing to a burn wallet and a 5% sell tax allocated to a dedicated reward pool, $QUBE holders have the chance to earn rewards by staking their tokens—a perfect opportunity for AI enthusiasts.
The NFT marketplace is the focal point of InQubeta’s approach, acting as a vital link between investors and AI startups. Through specially minted NFTs, startups can offer reward and equity-based investment opportunities, while investors, armed with $QUBE tokens, can easily browse and invest in projects they believe in. It’s a win-win situation for everyone.
InQubeta understands the limitations of traditional investment methods—which are often inefficient and exclusive. By harnessing the power of blockchain and smart contracts, InQubeta has created an investment ecosystem that is accessible to all. This empowers AI startups to thrive while offering investors a high quality investment experience.
Investing in AI startups goes beyond financial gains. It’s about supporting the development and progress of AI technology, which has the potential to revolutionize numerous aspects of our lives. In a nutshell, InQubeta is doing its best to try and reshape the AI investment landscape as we know it, by combining $QUBE tokens, NFTs, and a user-friendly marketplace. This approach democratizes AI investment, fosters community engagement, and unlocks the true potential of blockchain technology, all with the goal of driving the growth and success of AI in this rapidly evolving industry.
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
