Digital USD

Meeting with Legislators vid
  • Last Wednesday (Dec 8th, 2021), the US congress under the auspices of the House Financial Services Committee summoned a host of stablecoin and crypto CEOs for questioning (Tether: no show).
  • The congress members wanted to check if stablecoins are legit and if it requires legislative oversight (broad laws) in addition to its current regulatory oversight (by SEC, CFTC etc).
  • The proceedings were generally positive. The CEOs made the case their stablecoins are efficient, flexible, programmable and safe; USD-based stablecoins strengthen the USD rather than diminish it; and they asked for stablecoins to be fairly rather than harshly regulated.
  • The event marks a major step forward for USD stablecoins. Instead of a government CBDC, the US private sector came up with its own  alternative: a selection of digital USD including USDC (Circle) and USDP (Paxos).
  • Thus, rather than ponder a perfect CBDC, the stablecoins offer an exploratory path via practical usage.

The Stablecoin/Crypto Representatives
  • Jeremy Allaire, CEO, Circle USDC issuer
  • Sam Bankman-Fried, CEO, FTX Exchange for traders
  • Brian Brooks, CEO, Bitfury Crypto infra provider
  • Charles Cascarilla, CEO, Paxos USDP issuer
  • Denelle Dixon, CEO, Stellar USDC user
  • Alesia Haas, CFO, Coinbase USDC seller