US Congress Considers Regulation of Stablecoins and Digital Dollar.

Circle CEO Jeremy Allaire says proposed legislation to create a regulatory framework for stablecoins marks a pivotal moment for the US dollar. The draft stablecoin bill, which will be discussed during the House Committee on Financial Services hearing on April 19th, proposes the qualifications and requirements to be a payment stablecoin issuer in the US and details the criminal penalties for violators. The bill also requests the research and exploration of a central bank digital currency (CBDC). Allaire says the bill has potentially extraordinary implications on the US dollar and digital currencies in general.