CEO of Circle Projects Dollar’s Doom in Warning to Congress

Jeremy Allaire believes that the United States dollar is under severe threat and urged legislators to introduce stablecoin regulation to build trust" in the concept of a digital dollar.

He noted that the United States dollar is standing on a thin line in its position as a global reserve currency.The Circle CEO isn't alone in this belief, as Mike Novogratz-CEO and Co-founder at Galaxy Digital, commented on the matter.

He added that investors should choose wisely when considering assets to invest in and the taxes each will accrue.

Jeremy Allaire on Crypto Regulation

The CEO and co-founder of global crypto payment firm Circle, Jeremy Allaire, foretold a possible doom for the United States dollar.

In a video on Twitter, Allaire explained that if the US Congress doesn't act quickly to regulate stablecoin, the dollar will lose its position as a global reserve currency.Circle is the firm issuing the USD Coin (USDC), and the recent video the firm released was aimed at US legislators.

What does a cup of coffee have to do with the future of the global economic system? As the US Congress prepares for its first vote on Stablecoin laws, US political leaders have a choice to make about the US and Dollar competitiveness. A video for political leaders below. $USDC pic.twitter.com/9sQyZwq4WE

- Jeremy Allaire (@jerallaire) July 13, 2023

This update comes as the bipartisan crypto-specific legislation was reintroduced by the US Senators on July 12, which was initially brought up last year in June. In the video, Allaire outlined that the dollar's place of strength is under threat, as there is an increasing number of rising competitions on the internet.

In addition, Allaire noted that foreign digital currencies are rising to take over the sphere. Soon, worldwide commerce may probably occur in digital dollars, digital yuan, or digital euros, as he stated.

It's worth noting that Allaire had previously expressed that China could expand the adoption and utilization of the stablecoin industry.

Allaire further highlighted that the United States has a choice to decide if it wants the US dollar to be the leading digital currency in the crypto market.However, the US Congress can also allow other nations to lead the way in the next decade if the USA isn't interested in the market.

While debating stablecoin regulation in the country, Allaire buttressed that cryptocurrency will significantly transform how people make payments.

The Circle CEO added that billions" will leverage digital currencies due to the delay in execution and high cost related to traditional financial payments.It's worth noting that the fees for traditional financial payment systems have accrued almost 1 trillion dollars in the worldwide economy.

Galaxy Digital CEO Comments on the Adoption of the Crypto Industry

Jeremy Allaire isn't the only industry giant to comment on this situation, as cryptocurrency investment institute Galaxy Digital CEO Mike Novogratz also spoke on the matter. Novogratz appears to agree with Allaire.

In a July 13 tweet, he asked his fans whether they'd prefer owning a stablecoin that rewards higher interest than a national bank that acts similarly to a hedge fund.

Would you rather own: A stablecoin backed by US govt securities paying as much as 5% interest or a deposit at a bank that looks a lot like a hedge fund paying 2%? The answer is clear. I hope US lawmakers support the development of well-regulated stablecoins rather than fight it.

- Mike Novogratz (@novogratz) July 13, 2023

Then, he added, the answer is clear," urging the US lawmakers to accept the development of effectively regulated stablecoins instead of fighting against it.

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