In a recent interview, former CFTC Chairman and Circle President Heath Tarbert noted that the world was waiting for the U.S. to follow suit on crypto and stablecoin regulation. He argued that for stablecoins, this is a fairly straightforward process.
Circle Believes the World Is Looking to the US for Regulation
While regulatory frameworks have advanced significantly in several countries around the world, the US has lagged behind due to the previous administration’s negative stance on the issue. Nevertheless, Circle, the second-largest stablecoin issuer, believes the US is still called upon to take a leadership role in crypto and stablecoin regulation.
Former Commodity Futures Trading Commission (CFTC) Chairman and Circle President Heath Tarbert acknowledged that the US has fallen behind in this area, but emphasized that there is still time to create a regulatory framework to lead other countries and strengthen the US dollar’s status as a reserve currency.
Tarbert explained:
The rest of the world is craving US regulation. In conversations with European policymakers and others around the world, they are saying, ‘When are you going to implement your regulation? Because we’re eager to see them, and we want to be able to grant reciprocity.’
Furthermore, Tarbert explained that, at least for stablecoins, this task is relatively straightforward compared to the regulation of other more complex digital assets. He highlighted three key elements that stablecoins should have: a reputable issuer; secure, high-quality, and liquid reserves that cover everything; and transparency regarding reserves.
Tarbert’s statements come as initiatives in the Senate and House of Representatives to address the issue of stablecoin regulation are moving forward, given the relevance the current administration has assigned to them as dollar proxies.
Tarbert noted that stablecoins should be regulated as an asset class, with lawmakers focusing on getting the regulation right. “It’s really important that you start with stablecoins. Don’t try to couple it and complicate it by combining stablecoins with market structure legislation,” he concluded.
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