Circle in Early Talks With House Ad Hoc Committee on Cryptocurrency and POS Operations

Stablecoin issuer Circle USDC has engaged in high-level talks with Nigeria's House of Representatives Ad Hoc Committee on Cryptocurrency and PoS Operations, marking a significant step towards collaboration between the world's second largest stablecoin issuer and Africa's largest stablecoin market.

The dialogue, held virtually, focused on establishing a clear, balanced legal framework for stablecoins and the broader digital economy.

Key Attendees and Representation

The virtual meeting, held via Google Meet, featured key representatives from Circle and the Ad Hoc Committee:

• Nima Elmi, Vice President, Strategy & Policy, EMEA, Circle USDC.

• Ashley Scott, Senior Director (Global Policy and Government Affairs), Circle USDC.

• Rt. Hon Olufemi Bamisile, Chairman of the Ad Hoc Committee on Cryptocurrency.

• Olayimika Oyebanji, Managing Partner, BlockLaw Consulting and Legal Consultant to the Ad Hoc Committee.

While the specifics of the discussion remain confidential, the attendance confirms that Circle is proactively engaging with legislative bodies to shape future crypto regulation and policy.

This development comes as governments globally increase their scrutiny and development of frameworks for stablecoins and the broader digital asset ecosystem.

Mandate of the Ad Hoc Committee on Cryptocurrency

The full name of the committee is the House of Representatives Ad-Hoc Committee on the Economic, Regulatory, and Security Implications of Cryptocurrency Adoption and Point-of-Sale (PoS) Operations.

The committee was established to address rising concerns over fraud, cybercrime, and regulatory uncertainty within the digital finance ecosystem. Its primary mandate is to:

• Examine the Implications: Review the economic, regulatory, and security implications of cryptocurrency adoption and Point-of-Sale (PoS) operations in the country.

• Gather Information: Undertake public hearings and engage with stakeholders (regulators, banks, fintech operators, civil society, and security agencies) to collate relevant information.

• Develop Legislation: Submit recommendations to the House of Representatives to guide the development of the nation's first coherent legal and regulatory framework for cryptocurrency and digital finance.

Circle's Representation

Circle's representation, led by Nima Elmi and Ashley Scott, underscores the company's global commitment to policy engagement, particularly concerning payment stablecoins like USDC, which require clear, fully-reserved regulatory standards to ensure consumer protection and financial stability.

Nima Elmi    

 Ashley Scott

Ad Hoc Committee Chairman, Rt. Honourable Olufemi Bamisile

Rt. Hon. Olufemi Bamisile is a high-ranking member of the House of Representatives in the 10th National Assembly, representing the Gbonyin / Ekiti East / Emure Federal Constituency of Ekiti State under the platform of the All Progressives Congress (APC).

He holds a PhD in Public Sector Governance and Administration. As Chairman, he has emphasized that the committee's goal is to create a framework that supports innovation without compromising security or financial integrity within the digital finance sector.

BlockLaw Consulting 

Olayimika Oyebanji, representing BlockLaw Consulting, is the legal consultant to the House Ad Hoc Committee on Cryptocurrency and PoS Operations. As Managing Partner at BlockLaw Consulting, he brings expertise that focuses specifically on the intersection of law, regulation, and emerging financial technology.