The former comptroller of the currency in the United States believes a stablecoin is essential for maintaining the dollar’s status as the global reserve currency. Meanwhile, the Biden administration allotted $20 million in rewards for artificial intelligence (AI) companies to help secure the country’s critical infrastructure, and the U.S. Securities and Exchange Commission (SEC) wants to appeal a July decision in its case against Ripple regarding programmatic sales of XRP
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Former Binance.US CEO and U.S. Comptroller of the Currency Brian Brooks has penned an op-ed with economics dean Charles Calomiris about the need to push through sensible stablecoin regulation in the United States.
In an Aug. 9 article published by The Wall Street Journal, Brooks and Calomiris argued that stablecoin development could be instrumental in maintaining the U.S. dollar’s global reserve status. “If stablecoins flourish, citizens of other countries will increase the demand for dollars independent of (and perhaps contrary to) their governments’ political decisions,” the authors wrote.
A failure to promote stablecoin development could ultimately lead to de-dollarization — a process that could undermine the U.S. economy and weaken consumers’ purchasing power.
House Financial Services Committee Chairman Patrick McHenry proposed the Clarity for Stablecoins Act in July, but the legislation has lacked bipartisan support in Congress.
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