By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

News Junction

Notification Show More
Font ResizerAa
  • Home
  • World News
    World NewsShow More
    Wife of US Coast Guard member arrested over expired visa after security check for military housing
    Wife of US Coast Guard member arrested over expired visa after security check for military housing
    April 27, 2025
    For many of us, it doesn’t cost much to improve someone’s life, and we can do much more of it
    For many of us, it doesn’t cost much to improve someone’s life, and we can do much more of it
    April 27, 2025
    Pakistan calls for neutral probe into Kashmir attack India blames it for
    Pakistan calls for neutral probe into Kashmir attack India blames it for
    April 27, 2025
    Head of Catholic Church laid to rest in private burial; Trump and Zelensky pictured meeting at St Peter’s Basilica
    Head of Catholic Church laid to rest in private burial; Trump and Zelensky pictured meeting at St Peter’s Basilica
    April 26, 2025
    Four dead and more than 500 injured after chemical explosion at Iran’s largest port | World News
    Four dead and more than 500 injured after chemical explosion at Iran’s largest port | World News
    April 26, 2025
  • Business
    BusinessShow More
    Ukraine blows up bridges to consolidate its positions in Russia
    Ukraine blows up bridges to consolidate its positions in Russia
    August 18, 2024
    Commentary: AI phones from Google and Apple will erode trust in everything
    Commentary: AI phones from Google and Apple will erode trust in everything
    August 18, 2024
    The most famous Indian Dishes – Insights Success
    The most famous Indian Dishes – Insights Success
    August 18, 2024
    Life on the road as a female long rides cyclist
    Life on the road as a female long rides cyclist
    August 18, 2024
    UK inflation rises to 2.2%
    UK inflation rises to 2.2%
    August 18, 2024
  • Cryptocurrency
    CryptocurrencyShow More
    BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LEO, LINK, AVAX
    BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LEO, LINK, AVAX
    April 27, 2025
    5 Bitcoin charts predicting BTC price rally toward 0K by May
    5 Bitcoin charts predicting BTC price rally toward $100K by May
    April 27, 2025
    Solana’s Loopscale pauses lending after .8M hack
    Solana’s Loopscale pauses lending after $5.8M hack
    April 27, 2025
    Solana’s Loopscale pauses lending after .8M hack
    Solana’s Loopscale pauses lending after $5.8M hack
    April 27, 2025
    Best crypto to buy before April ends: Bitcoin, Solana, Bitcoin Pepe
    Best crypto to buy before April ends: Bitcoin, Solana, Bitcoin Pepe
    April 26, 2025
  • Technology
    TechnologyShow More
    How to Improve Your Spotify Recommendations
    How to Improve Your Spotify Recommendations
    August 18, 2024
    X says it’s closing operations in Brazil
    X says it’s closing operations in Brazil
    August 18, 2024
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    August 18, 2024
    Scientists Want to See Videos of Your Cat for a New Study
    Scientists Want to See Videos of Your Cat for a New Study
    August 18, 2024
    OpenAI’s new voice mode let me talk with my phone, not to it
    OpenAI’s new voice mode let me talk with my phone, not to it
    August 18, 2024
  • Entertainment
  • Sports News
  • People
  • Trend
Reading: Ex Binance.US CEO Weighs In On Stablecoin Regulation, Claims A Boost For Dollar Adoption
Share
Font ResizerAa

News Junction

  • World News
  • Business
  • Technology
  • Cryptocurrency
  • Trend
  • Entertainment
Search
  • Recent Headlines in Entertainment, World News, and Cryptocurrency – NewsJunction
  • World News
  • Business
  • Cryptocurrency
  • Technology
  • Entertainment
  • Sports News
  • People
  • Trend
Have an existing account? Sign In
Follow US
News Junction > Blog > Cryptocurrency > Ex Binance.US CEO Weighs In On Stablecoin Regulation, Claims A Boost For Dollar Adoption
Ex Binance.US CEO Weighs In On Stablecoin Regulation, Claims A Boost For Dollar Adoption
Cryptocurrency

Ex Binance.US CEO Weighs In On Stablecoin Regulation, Claims A Boost For Dollar Adoption

Published August 12, 2023
Share
4 Min Read
SHARE

Contents
US Dollar Can Benefit From High Stablecoin Demand, Brooks SaysStablecoin Regulations Continue To Gain Ground In the US

Former Binance.US CEO and an ex-acting US Comptroller of the Currency Brian Brooks has commented on the ongoing discourse regarding stablecoin regulation in the US. 

In an interview with CNBC on Friday, August 11, Brooks, now a partner at Valor Capital Group, took a stance against stablecoins opposition in the US government, saying that a proper regulatory framework for these assets could boost the relevance of the US dollar worldwide. 

US Dollar Can Benefit From High Stablecoin Demand, Brooks Says

Stablecoins are a type of cryptocurrency with values pegged to a fiat currency, mostly the US dollar, or a commodity such as gold, oil, etc.

According to Brooks, nations with high inflation rates have a buoyant demand for dollar-backed assets such as stablecoins as citizens look to preserve the value of their investments and earnings. 

The former acting US Comptroller of the Currency believes if the US government forms a system that oversees the use of the dollar as a reserve currency for assets, this could further boost the existing demand and even lead to a higher adoption of the US legal tender globally.

Brooks explained this to CNBC, saying: 

Citizens in countries that have high inflation are really strongly demanding dollar-denominated products to keep their money safer after they’ve earned the money. In many countries where you can’t get a dollar bank account, stablecoins are your best solution.

If only the U.S. government would create a framework that allows dollars to back stablecoins in a regulated way, that demand would flourish. That would be good for dollar adoption globally, but as long as we’re allowing governments to suppress stable coins, you have the sort of push-pull phenomenon, which is what creates the problem.

To Brooks, the current demand for stablecoins can be utilized in leading the resurgence of the dollar, especially as most governments are actively working to reduce the dollar’s influence on their economy.

The former Binance.US chief expresses that policy regarding these assets should focus less on cryptocurrency but rather on the potential role the United States could play in the global financial system.

Stablecoin Regulations Continue To Gain Ground In the US

As earlier stated, there has been lots of discussion on stablecoin regulation in the US recently promoted by the action of several arms of the government. 

On August 8, the US Federal Reserve introduced the  “Novel Activities Supervision Program” which now mandates all banks in the US to obtain a written supervisory non-objection letter before dealing with “dollar tokens.”

Meanwhile, the US House of Representatives is set to vote on the Clarity for Payments Stablecoin. The bill was successfully cleared in July by the House Committee on Financial Services, and it aims to introduce regulations on the issuance and use of payment stablecoins in the US. 

Total crypto market cap valued at $1.135 trillion on the daily chart | Source: TOTAL chart on Tradingview.com

Featured image from PYMNTS, chart from Tradingview

#Binance.US #CEO #Weighs #Stablecoin #Regulation #Claims #Boost #Dollar #Adoption

TAGGED:adoptionBinance.USboostCEOclaimsdollarRegulationstablecoinWeighs
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Oxo Aromatic Asian Stock Pots Oxo Aromatic Asian Stock Pots
Next Article Jason Pinnock shows off ballhawking skills in Giants’ preseason opener Jason Pinnock shows off ballhawking skills in Giants’ preseason opener

You Might Also Like

Dymension mainnet launch and genesis rolldrop ignites DYM price surge
Cryptocurrency

Dymension mainnet launch and genesis rolldrop ignites DYM price surge

February 7, 2024
Bitcoin (BTC) Price and Hashrate Divergence May Set the Scene for a Potential Rally, Historical Data Shows
Cryptocurrency

Bitcoin (BTC) Price and Hashrate Divergence May Set the Scene for a Potential Rally, Historical Data Shows

September 21, 2024
Harnessing AI Tools for Enhanced Efficiency and Client Education
Cryptocurrency

Harnessing AI Tools for Enhanced Efficiency and Client Education

February 1, 2024
Binance sold USDC for another stablecoin — Coinbase CEO
Cryptocurrency

Binance sold USDC for another stablecoin — Coinbase CEO

August 7, 2023

About Us

NEWS JUNCTION (NewsJunction.xyz) Your trusted destination for global news. Stay informed with our timely and accurate reporting on diverse topics, including politics, technology, science, entertainment, sports, and more. Count on us for unbiased and reliable updates at your fingertips.

Quick Link

  • About
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact

Top Categories

  • World News
  • Business
  • Technology
  • Entertainment
  • Cryptocurrency
  • Sports News
  • Trend
  • People

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

    © 2023 News Junction.
    • Blog
    • Advertise
    • Contact
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?