April 20 (Cointime) - During a hearing on April 19 held by the U.S. Subcommittee on Digital Assets, Financial Technology and Inclusion, Austin Campbell, an adjunct assistant professor at the Columbia Business School, said areas such as Singapore, Dubai, Abu Dhabi, and the United Kingdom, have already presented stablecoin frameworks that could provide a competitive regulatory landscape for issuers seeking a jurisdiction to operate in.

"It’s time for Congress to act and pass legislation to establish a regulatory framework for payment stablecoins." Campbell says.

“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.”

In Campbell’s written testimony, he added:

“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.”