Circle co-founder and CEO Jeremy Allaire will be testifying in a hearing before the Senate Committee on Banking, Housing, and Urban Affairs on Tuesday. Allaire’s role in the “Examining Regulatory Frameworks for Digital Currencies and Blockchain” hearing will be as a representative for the Blockchain Association advocacy group.
Allaire has already submitted his prepared testimony, which was published online by the Senate today. In those remarks, he notes that he plans to testify about “the promise of digital assets and blockchain technology and their potential to fundamentally improve and democratize financial services globally — improving access to capital, eliminating and reducing costs and risks, more effectively fighting financial crime, and ultimately improving opportunities for creating value in our economy.”
He also plans to share his perspective on the challenges today’s digital asset innovation presents to the current financial system, provide Senators with an overview of how this innovation can impact the economy and society, and discuss various policy issues related to regulation, privacy, data security, and other important topics of interest.
Allaire’s prepared statement also urges Congress to adopt national digital asset policies that can help promote innovation and enable the United States to be a leader in the digital revolution:
“It is vital that we allow innovators and digital assets projects room to grow and develop here in the United States. Congress should adopt national policies that define and establish digital assets as a new asset class and develop appropriate rules and exemptions for digital assets. This will require legislation that likely changes our existing commodities, securities, and banking laws, among others. Such policies should have the effect of enabling rapid technological progress within the context of sound risk management.
Without a sound, pragmatic, and agile national policy framework for digital assets, I am concerned that the United States will not be the world’s leader in this critical new technology, that it will continue to fall behind, and that it will not fully reap the benefits of the economic transformation that digital assets will bring.”