According to the Jeremy Allaire, CEO of Circle, banking regulators would probably be more effective in providing oversight for stablecoins. He also expressed his general agreement with the SEC’s proposal for a qualified custodian.
During an interview with Bloomberg yesterday, Feb. 24, the CEO of Circle shared his thoughts about the SEC’s recent efforts to regulate the crypto industry, including its actions against stablecoin provider Paxos.
USD Coin (USDC – Stablecoin), which is issued by Circle, is currently the second-largest stablecoin globally. Its ticker symbol is USDC, and it has a value of $1.00 per token. The circulating supply of USDC is $42.25 billion, accounting for approx. 30% of the market share. Tether(USDT) is still the most popular stablecoin, with a circulating supply of $73.15 billion and a market share of approx. 55% at the time of writing as per CoinMarketCap. BUSD is also a popular stablecoin, with a circulating supply of 11.78 billion which is from Paxos.
“There is a reason why everywhere in the world, including the U.S., the government is specifically saying payment stablecoins are a payment system and banking regulator activity.”
Bloomberg
“There is a reason why everywhere in the world, including the U.S., the government is specifically saying payment stablecoins are a payment system and banking regulator activity.”
Bloomberg
Allaire concurred with SEC Commissioner Hester Peirce on Feb. 23, who suggested that the SEC should seek guidance from Congress. The absence of legislation has led some to believe that the SEC has been taking unilateral actions in terms of crypto regulations and enforcement.
There are plenty of varieties, as we like to say. Not all stablecoins are made equal, but, obviously, from a policy standpoint, the consistent position throughout the globe is that this is a payment system, prudential regulator area.Circle CEO Jeremy Allaire
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