The US Senate Banking Commission held its promised hearing on the state and promises of cryptocurrency, inviting Circle’s Jeremy Allaire as the chief proponent of the case for digital assets and decentralized finance.
Allaire stated that the current financial system is in need of transformation, for failing to give access to millions across the globe, as well as for data vulnerabilities.
“There is absolutely a better future ahead of us, one that is built on a technological transformation ushered in by digital assets and blockchains,” said Allaire in his testimony.
He added his belief that private money creation through digital assets could co-exist with the monetary policy of government-backed fiat issued by a central bank:
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