Jeremy Allaire, CEO and co-founder of Circle, will use his scheduled testimony at a U.S. House Financial Services Committee Hearing to advocate for the importance of the U.S. dollar and urge lawmakers to pass stablecoin legislation.

Allaire emphasized the need for the U.S. to maintain its global financial influence and pointed to China's progress with a digital yuan as a threat. He called for nationally-established standards for stablecoin issuers and limited access to Federal Reserve account services.

Allaire also proposed criminal penalties for companies that knowingly issue false digital dollars.