Heath Tarbert, former Chairman of the Commodity Futures Trading Commission, is Chief Legal Officer at Circle.
Today, digital currencies are poised to upgrade America’s decades-old financial plumbing, bolster the U.S. dollar, and make it easier, faster, and cheaper for families and businesses to send, spend, lend, and exchange their money. But this can happen only if Washington unites behind payment stablecoin legislation that puts financial stability and consumer safety first.
The positive impact of digital dollars can have an outsized impact in communities across the U.S. Working American families disproportionately bear the burden of the high-fees related to sending and spending their hard-earned money. Contrast wiring funds with sending a text message across the country. Have you ever paid $6 and waited three days to text a loved one?
Congress is beginning to grasp the stakes. This summer, several committees advanced bills to better regulate the digital asset economy, including the, which the House Financial Services Committee approved on a bipartisan basis. The stablecoin measure serves as a vital foundation for the other bills.
The collapse of a global stablecoin without adequate backing could have severe implications for financial markets and the broader American economy. Treasury Secretary Janet Yellen has warned about this risk, and it's why the President’s Working Group on Capital Markets urged Congress to swiftly enact stablecoin legislation nearly two years ago.
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