Tarbert Testifies on Dollar's Global Role, Calls for Congressional Action

Circle President Heath Tarbert is set to testify before the U.S. House Financial Services Committee today on the future of American financial infrastructure. The hearing, titled 'Strengthening the American Economy: Promoting Growth, Opportunity, and Prosperity,' comes as experts debate the decline in the dollar's global role.

The U.S. dollar once held over 70% of global reserves but now holds roughly 57%, according to Tarbert. He argues that this is an economic asset that must be protected. The former Commodity Futures Trading Commission chair and Assistant Secretary of the U.S. Treasury for International Markets emphasizes three key points in his testimony: the importance of safeguarding the dollar's global role, rebuilding financial infrastructure in software, and completing the market layer.

Tarbert calls on Congress to implement the GENIUS Act faithfully and pass the CLARITY Act on a bipartisan basis. He frames this as a strategic question: Will American financial markets migrate onto rails governed by American law or someone else's?