The SEC is Not the Regulator of Stable Currencies, Says CEO of Circle
as report goes, Jeremy Allaire, CEO of Circle, a stable currency issuer of USDC, said in an interview: \”I don\’t think the SEC is the regulator of stable curren…
as report goes, Jeremy Allaire, CEO of Circle, a stable currency issuer of USDC, said in an interview: “I don’t think the SEC is the regulator of stable currency. In all parts of the world, including the United States, the government clearly stated that the payment of stable currency is a kind of payment system and bank supervision activity, which is for a reason. Although all stable currencies are not equal, from the perspective of policy, the unified view of the world is that this is a prudent regulatory space under a payment system.”
Circle CEO: I don’t think the SEC is the regulator of stable currency
Interpretation of the news:
In a recent interview, Jeremy Allaire, the CEO of Circle, expressed his views on the regulation of stable currencies by the Securities and Exchange Commission (SEC). He stated that he does not believe that the SEC is the regulator of stable currencies, and that the government has made it clear that the payment of stable currency is a form of payment system and bank supervision activity.
Allaire’s statement suggests that stable currencies, as a form of payment system, should be regulated by banking authorities rather than by the SEC. He argues that this approach is in line with the policies of governments around the world. The statement also implies that stable currencies are not equal in terms of their regulatory requirements, and that different types of stable currencies may require different levels of supervision.
From a regulatory standpoint, the lack of clarity about the classification of stable currencies has been a challenge for regulators. Stable currencies, which are designed to be less volatile than cryptocurrencies, have gained popularity among investors and traders, and their market capitalization has grown significantly in recent years. However, their regulatory status remains uncertain, and this has led to concerns about investor protection, financial stability, and money laundering.
Allaire’s statement is significant because it highlights the need for a clear regulatory framework for stable currencies. It suggests that stable currencies require a different approach to regulation than other types of digital assets, such as cryptocurrencies. This approach could involve a mix of banking supervision, payment system regulation, and consumer protection measures.
In conclusion, the statement by Jeremy Allaire, CEO of Circle, indicates that the regulation of stable currencies should be based on their classification as a payment system rather than as a security. It highlights the need for a clear and uniform regulatory framework for stable currencies, which takes into account their unique features and risks. The statement also underscores the growing importance of stable currencies in the global financial system and the need for regulators to keep pace with technological innovation.
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