Circle CEO Jeremy Allaire says the United States will eventually pass legislation to regulate stablecoins and bring regulatory clarity to the crypto industry.
In a new interview on the Unchained Podcast with Laura Shin, Allaire says the ongoing debate over regulating stablecoins will likely result in a win for the digital asset industry.
“I’ll be a bit of a broken record on the stablecoin front, which is just that we have a moment, it’s a here-and-now moment. There is a problem with the competitiveness of the dollar. There is a national competition problem. There is a problem with the competitiveness of the industry and the market. And while it’s very easy to look at the people who committed fraud or the companies that ran Ponzi schemes or the people who were bad actors and say it’s all nonsense, that’s just not the case .
And so we’re right on the cusp of, I think, a very strong framework that would be very powerful for the US, the US dollar, for industry, competitiveness, etc. So I feel strongly about that. ”
The CEO also says that policymakers should take a broader view of blockchain technology when drafting regulations and not just focus on the use of financial technology.
“Blockchain technology is colored through the lens as a financial technology. And I think it’s really important that policymakers understand that we’re talking about general-purpose Internet infrastructure, general-purpose Internet computing infrastructure, and data infrastructure. It is very important for a large number of industries and categories. The way we deal with that infrastructure has to be separate from just saying this is a financial regulatory issue. Because it actually isn’t. It’s actually about the next layer of the internet.
And so I sometimes notice that the policies being considered put everything into a financial-regulatory perspective. That is not a good position. I don’t think it’s accurate. It really just requires more understanding. And so I would encourage policymakers and their staff to really get a better understanding of, let’s just call it the computer science of this networking technology, and what that is, because that’s really where so much value is going to come.”
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