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.
He also gave his two cents on the numerous financial giants that have recently filed to launch spot Bitcoin ETFs in the States, such as the world’s largest asset manager BlackRock. According to him, one factor behind the increasing interest from such companies is the end of the turbulence caused by the FTX implosion last year.
“But we’re well past that, and at the same time, the technological progress just keeps cranking along,” he maintained.
Circle’s CEO suggested the current condition of the crypto sector is much similar to the market after the Dot-com crash in the late 1990s. Back then, phrases like “e-commerce” or “consumer internet” were frowned upon due to the high uncertainty.
Nonetheless, “the next generation of browser technology, the next generation of digital media technology, broadband infrastructure, Wi-Fi infrastructure, mobile devices” lit up “a whole new era,” Allaire concluded.
What Does the Future Hold?
Allaire described the next five to ten years as “the programable money era,” where blockchain technology, AI, smart contracts, and entrepreneurship will reshape trade and commerce.
He went further, saying the financial system will transform the way smartphones are modified after the success of the iPhone.
“It’s similar to when you lit up broadband for everyone, and you enabled Wi-Fi-connected devices—what became possible, right? Television was reinvented; gaming was reinvented,” he added.
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