In an April 19 hearing of the U.S. Subcommittee on Digital Assets, Financial Technology and Inclusion, Austin Campbell, an adjunct assistant professor at the Columbia Business School, said areas including 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.”

“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.”