Markets Daily Crypto Roundup

Featured Story | The Stablecoin Bill Is a Vital Upgrade for U.S. Financial Plumbing

Oct 22, 2023

Heath Tarbert, former chair of the U.S. Commodity Futures Trading Commission, discusses the Clarity for Payment Stablecoins bill and how it can upgrade the US financial plumbing. They explore the benefits of stablecoin legislation in improving financial transactions, protecting consumers, and safeguarding the dollar's global reserve currency status.

06:34

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Heath Tarbert

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Quick takeaways

Stablecoin legislation can enhance financial security and inclusion by making sending, spending, lending, and exchanging money easier and cheaper for families and businesses.

Passing stablecoin legislation is crucial for national security and competitiveness, as it can eliminate inefficiencies and costs in the current financial system while protecting the global reserve status of the US dollar.

Deep dives

The potential impact of stablecoin legislation in the US

Stablecoin legislation in the US is crucial for upgrading the country's financial system and protecting consumers. Payment stablecoins, which are integral to today's payments in commerce, remittances, and humanitarian aid, can make sending, spending, lending, and exchanging money easier, faster, and cheaper for families and businesses. These digital currencies have the potential to positively impact communities across the US by expanding financial security and inclusion, especially for vulnerable populations who lack access to traditional banking. To ensure financial stability and consumer safety, stablecoin legislation should include strong supervision and risk management of stablecoin issuers, strict requirements on assets backing digital dollars, and robust transparency and reporting requirements.

The Stablecoin Bill: Upgrading US Financial Plumbing

2min

The Importance of Passing Stablecoin Legislation

4min

The Clarity for Payment Stablecoins bill is sensible legislation for technology that could help millions of people, says Circle’s Heath Tarbert, the former chair of the U.S. Commodity Futures Trading Commission.

Today's episode is sponsored by CME Group.

Today’s featured story is an opinion piece from Heath Tarbert, titled: “The Stablecoin Bill Is a Vital Upgrade for US Financial Plumbing.”

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This episode was hosted by Noelle Acheson. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey.

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