During his eight months at the head of the Office of the Comptroller of the Currency, Brooks, a former general counsel at Coinbase, enacted a number of reforms that helped push the cryptocurrency industry farther into the banking industry’s mainstream, most recently authorizing banks to use stablecoins to make payments and for other transactions on behalf of customers.
Biden Administration will be crypto’s friend: Circle’s Jeremy Allaire
The CEO of the USDC stablecoin-issuer predicted President-elect Joe Biden’s administration will see cryptocurrencies as a way to ‘make America more competitive’
Speaking on CNBC’s Squawk Box on Dec. 7, Allaire said “they will ultimately be supportive because this is an infrastructure change as big as the initial commercial internet. That said, Allaire noted that the administration is facing pressure to regulate cryptocurrencies and Bitcoin more aggressively, from both the left and the right.
STABLE Act could destabilize stablecoins
Industry leaders say the proposed legislation would cripple innovation by subjecting the fiat-backed cryptocurrencies to traditional banking regulations
The Stablecoin Tethering and Bank Licensing Enforcement—or STABLE—Act seeks to “protect consumers from the risks posed by emerging digital payment instruments, such as Facebook’s Libra and other Stablecoins currently offered in the market, by regulating their issuance and related commercial activities,” its sponsors said.
Visa teams up with USDC stablecoin
The payment processing giant will start collaborating with Circle to help credit card issuers integrate the USD Coin into their platforms to send and receive crypto payments.
Businesses will be able to send international USDC payments to any Visa-supported business. Still, before the funds can be spent they will need to be converted to fiat currency. USDC is back one to one with a U.S. dollar reserve, Circle says.