The Web3 industry in the United States is keeping a close eye on regulatory developments, especially as the Securities and Exchange Commission intensifies its crackdown on cryptocurrency exchanges. Despite this, Corey Then, vice president of global policy at Circle, remains optimistic and believes that U.S. regulatory developments could favor local players. He sees potential in the recently released draft stablecoin bill from the U.S. House Financial Services Committee, which could establish the world's most reliable stablecoin by mandating that stablecoin issuers maintain reserves to back their stablecoins on at least a one-to-one basis. Circle CEO Jeremy Allaire also believes that regulation would benefit the cryptocurrency industry by increasing consumer confidence and sees stablecoin bills as an opportunity to ensure safe access to dollars and decrease transaction costs for consumers.