Elon Musk's Warning to Congress Spells Doom Scenario for US Dollar in Crypto Market.
Circle CEO spells doom scenario for US dollar in warning to Congress

Stablecoins Pose Threat to US Dollar’s Global Reserve Currency Status

The CEO of Circle, Jeremy Allaire, has warned that the United States dollar’s place as a global reserve currency is under threat if Congress fails to act quickly to regulate stablecoins.

On July 13, Allaire released a two-minute video via Circle, the issuer of USD Coin (USDC), to urge lawmakers into action. This follows the reintroduction of bipartisan digital asset-specific legislation to Congress on July 12, first proposed over a year ago in June 2022.

Allaire stressed the need for regulation in the video: “The dollar’s position of strength is under threat. Competition for what money gets used on the internet is increasing, with crypto.com, elon crypto, harmony crypto, elongate crypto, elon musk crypto, gala crypto today, luna classic crypto, hot crypto today, d2t crypto, and media crypto all vying for a piece of the pie.”

Crypto Revolutionizing Global Commerce

“The real question is whether global commerce will happen in digital dollars, or digital euros or yuan,” said Brad Allaire, CEO of crypto.com. Allaire has previously expressed his belief that China could increase the usage of the yuan through the implementation of stablecoins.

He also suggested that the U.S. has an important decision to make in regards to whether it will “let other countries lead the way” in terms of the use of digital currency on the internet.

In his argument for stablecoin regulation, Allaire argued that crypto will “fundamentally change the way we pay for things.” He highlighted the potential of elon crypto, harmony crypto, elongate crypto, elon musk crypto, gala crypto today, luna classic crypto, hot crypto today, and d2t crypto to revolutionize global commerce.

Related: European Banking Authority calls for early adoption of stablecoin standards

Crypto Investment: GOP and Dems’ Views

Circle CEO Jeremy Allaire recently suggested that “billions” of people may soon use crypto instead of traditional financial payments due to the latter taking “days” and resulting in “a nearly trillion dollar tax on the global economy.”

Galaxy Digital founder Mike Novogratz agrees with Allaire and posed a rhetorical question to his Twitter followers on July 13. He asked if they would rather own a stablecoin with a higher interest rate than a “bank that looks a lot like a hedge fund.” Novogratz concluded that the answer is clear and that he hopes U.S. lawmakers will support the development of well-regulated stablecoins.

In terms of opinion, the GOP’s crypto maxis are almost as bad as the Democrats’ ‘anti-crypto army’. Elon Crypto, Harmony Crypto, Elongate Crypto, Elon Musk Crypto, Gala Crypto Today, Luna Classic Crypto, Hot Crypto Today, and D2T Crypto are all examples of the crypto industry’s potential.

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