Former CFTC official supports an urgent regulatory framework for crypto & stablecoin

Heath Tarbert appreciated the role of Cryptocurrencies & stablecoins in the current financial system and provided facts to support the regulatory framework for the stablecoins.

Heath Tarbert is a former chairman of the United States Commodities Futures Trading Commission (CFTC). Now he is chief legal officer at the second top-ranked stablecoin firm Circle, responsible for the issuance of US dollar-pegged USDC stablecoin.

According to Tarbert, cryptocurrencies have a strong ability to bring modernization in the traditional US economic environment and also to bring an efficient & fast payment system for businesses. He noted that all these use cases of digital currencies will be possible at a better level if there will be proper laws for this sector so that all the companies can confidently adopt the payment solutions provided by crypto or stablecoin firms.

Tarbert explained that stablecoins are playing an important role in practical life nowadays, as people can transfer their funds (in US dollar) easily across the world in real-time at a very low cost. According to the former CFTC official, the adoption of stablecoins is surging rapidly because retail & commercial users are finding it much better than the traditional payment technologies.

Furthermore, Tarbert dragged attention toward several use cases of stablecoins and said stablecoin is a better payment tool for American families, as they can transfer their funds without any delay. And also he pointed to the current use case of stablecoin by the United Nations (UN), to provide aid to Ukraine refugees.

Tarbert noted that the US Congress already started to understand the necessity of crypto regulation, including the rules for payment services via stablecoins. 

According to Tarbert, unregulated stablecoins are not only risky for the crypto sector but also for the traditional financial system. 

The former CFTC official also noted that other countries like Russia & China are already developing their digital assets and that will bring a very big level of competition against the US dollar’s dominance, if no laws will come for the stablecoins.

Read also: Fantom Foundation’s crypto wallet hacked