Circle Criticizes Crypto Firms That ‘Counterfeit US Dollars’

Circle’s Dante Disparte said bank failures in the US earlier this year helped to send investors into “unsafe, opaque” cryptocurrencies overseas, and called for the need for federal legislation around stablecoins, whose value is supposed to stay equal to the dollar.

“Candidly, should anyone anywhere be able to counterfeit US dollar using cryptographic methods or should there be a rule-set around competing with digital dollars on the internet where the safety and soundness and monetary policy of the United States is respected?” Disparte, the chief strategy officer at the second-largest stablecoin issuer, said during an interview Tuesday on Bloomberg Television.