The position of stablecoins as a form of payment will be discussed, along with whether the ecosystem requires supporting legislation, at a hearing scheduled for April 19 by the House Committee on Financial Services of the United States. Dante Disparte, Circle‘s chief strategy officer and head of worldwide policy, is one of the participants testifying who will be appearing at the hearing.
Circle Executive Dante Disparte to Attend US Congressional Committee Hearing
The hearing, titled “Understanding Stablecoins’ Role in Payments and the Need for Legislation,” was announced in a memo from the committee. According to the memo, information gathered during the previous year by several federal government departments will be discussed at the hearing.
The list of people who will testify at the upcoming hearing of the House of Representatives Financial Services Committee has been published on www.house.gov You can see a copy of the list in the image below:
The subject of the forthcoming committee hearing will be different stablecoins and how they are used in the world of payments. The committee will also investigate whether stablecoin regulations are necessary given their underlying collateral structures.
Why is Disparte Testifying?
After disclosing it had $3.3 billion funds trapped at the defunct Silicon Valley Bank (SVB), Circle‘s internal stablecoin product, USD Coin, de-pegged from the dollar on March 11 of last month. However, USDC re-pegged its value to the dollar once the American government bailed out SVB depositors. During this period, hackers were able to access Disparte’s Twitter account and began advertising false loyalty awards to USDC’s devoted customers.
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