Circle President Heath Tarbert calls on Congress to secure American leadership in the next generation of financial infrastructure.
Heath Tarbert, President of Circle Internet Group, will testify before the U.S. House Financial Services Committee today on one of the most consequential questions in economic policy: whether the next generation of financial infrastructure will be built and governed under American law.
The hearing is titled "Strengthening the American Economy: Promoting Growth, Opportunity, and Prosperity."
Heath, who previously chaired the Commodity Futures Trading Commission and served as Assistant Secretary of the U.S. Treasury for International Markets, brings the perspective of his government and private-sector experience to his testimony today.
The dollar's global role, he says, is an asset — not a birthright. In the late 1990s, the dollar held over 70% of global reserves. Today it holds roughly 57%. Experts debate the causes but not the direction.
Heath’s testimony centers on three points:
- The dollar's global role is an economic asset that must be protected.
- The infrastructure through which money moves is being rebuilt in software right now.
- Congress built the dollar layer of the internet and should now finish the market layer.
He calls on Congress to implement the GENIUS Act faithfully, close every avenue for evasion, and pass the CLARITY Act on a bipartisan basis.
"Those three points add up to one strategic question: Will American financial markets, the deepest and most trusted in the world, migrate onto rails governed by American law, or someone else's?"
Watch Heath's testimony live at 10 am ET.
Read his full written testimony.
