House Financial Services Committee Chairman French Hill (R-AR) stressed that a well-regulated stablecoin market is essential for maintaining the U.S. dollar’s global dominance during a congressional hearing on March 11. The hearing, titled “Navigating the Digital Payments Ecosystem: Examining a Federal Framework for Payment Stablecoins and Consequences of a U.S. Central Bank Digital Currency,” examined how stablecoins can reinforce the dollar’s position in international finance.
The lawmaker asserted:
A properly regulated stablecoin market can strengthen the U.S. dollar’s dominance, modernize our payments infrastructure, and promote financial access without government overreach.
The Committee discussed the STABLE Act, which aims to provide clear regulatory standards for stablecoin issuers while ensuring compliance with financial regulations.
Hill emphasized that stablecoins are already contributing to the dollar’s influence by facilitating global transactions and reducing friction in cross-border payments. He highlighted:
Every day, there are billions of dollars in stablecoin transactions, reducing friction in cross-border payments, streamlining commercial transactions, and giving more communities broader access to digital financial tools.
The Committee has worked on stablecoin legislation since 2022, and the updated STABLE Act reflects input from stakeholders to strengthen operational standards and regulatory oversight. By ensuring that stablecoins operate within a clear legal framework, lawmakers aim to enhance their role in international finance while reinforcing the dollar’s dominance as the world’s primary reserve currency.
Hill also warned that a central bank digital currency (CBDC) could undermine the dollar’s competitive advantage by centralizing financial power within the federal government. He argued: “A government-controlled digital dollar would put the Federal Reserve in direct competition with the private sector and undermine the very progress that stablecoins are making.”
Instead of strengthening the dollar, he contended that a CBDC could “suppress competition, jeopardize financial privacy, and weaken the role of the U.S. banking system.” The hearing also addressed Representative Tom Emmer’s Anti-CBDC Surveillance State Act, which seeks to prevent government overreach in digital currencies. Hill reaffirmed the Committee’s commitment to ensuring the U.S. remains the leader in financial innovation, with stablecoins playing a key role in sustaining the dollar’s global dominance.
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