Austin Campbell: I think we can do better in America
Austin Campbell, former chief risk officer for stablecoin firm Paxos, recently spoke at a U.S. Subcommittee on Digital Assets, Financial Technology, and Inclusion hearing. He expressed concern that the lack of stablecoin regulation in the United States could push issuers out of the country. Campbell stated that other countries such as Singapore, Dubai, Abu Dhabi, and the United Kingdom have already proposed frameworks for stablecoins that could offer a competitive regulatory environment for issuers looking for a home.
“If you look around the world, you’re starting to see legislation that deals specifically with fiat-backed stablecoins,” said Campbell. “I think we can do better in America. Our financial regulation and systems are more robust […] If we don’t act, those are the best options and people will take advantage of them.”
I think we can do better in America. Our financial regulation and systems are more robust
In his written testimony, he added: “When I am asked to consult or advise for projects attempting to build stablecoins or use stablecoins, my first advice has now become to avoid US operations and a US domicile. The jobs are going elsewhere.”
Campbell’s statements highlight the need for clear and effective regulation of stablecoins in the United States. As other countries move forward with their own regulatory frameworks, it is important for the U.S. to act in order to remain competitive in this rapidly growing industry.