Circle CEO Jeremy Allaire testified before the Senate Committee on Banking, Housing, and Urban Affairs, emphasizing the need for the U.S. to establish a national framework for digital assets to remain a leader in blockchain technology. Allaire argued that without clear regulations, the U.S. risks falling behind in the economic transformation brought by digital assets, as current SEC guidance limits options for U.S. customers. He highlighted the inevitability and benefits of digital innovations and stressed that stablecoins are crucial for mainstream crypto adoption. Additionally, he pointed out that blockchain technology can enhance privacy and data protection. Allaire also revealed that Circle expanded to Bermuda due to its stringent crypto regulations, contrasting with the regulatory ambiguity in the U.S. Senate Banking Committee Chairman Mike Crapo echoed the need for clear rules, stating that the U.S. should lead in developing these technologies.