Jeremy Allaire – Chief Executive Officer of Circle – believes American regulators should open arms to the cryptocurrency industry to prevent falling behind other nations.
He said the US government was among the first to propose recommendations regarding stablecoin regulation, adding that the White House, the Federal Reserve, and the Treasury Department are all focused on that mission.
‘The US may be Late to the Party’
In a recent interview, Allaire regretted that the American government has not been as supportive of the digital asset industry over the years as other countries. In his view, this could push talent abroad and affect “where capital will go.” Still, he raised hopes that the US will quickly catch up once it enforces a regulatory framework due to the size of its economy and implement certain policies “in an election year:”
“The US may be late to the party in terms of getting these policies done, but it is the biggest economy and has the biggest technology industry and the biggest financial system in the world. And when the US does lay down its rules, it’s going to be a highly competitive market.”
Allaire argued earlier this year that the regulatory chaos and the banking crisis in America could prompt local investors to move abroad.
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Author: Dimitar Dzhondzhorov
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