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Wednesday, May 22, 2024

Circle CEO predicts high likelihood of U.S. enacting stablecoin regulations this year

The world of cryptocurrency is constantly evolving, and the CEO of Circle, the company behind the popular stablecoin USD Coin, is hopeful that the U.S. will soon pass laws for stablecoin issuers like itself.

Jeremy Allaire, the boss and co-founder of Circle, believes that there is a “very good chance” that U.S. lawmakers will approve a stablecoin bill in 2024. This is great news for the $135.3 billion stablecoin market, which, for the most part, remains unregulated.

Allaire spoke with CNBC at the World Economic Forum in Davos, Switzerland and expressed his optimism about the potential regulatory developments around the crypto industry, especially in the U.S. He believes that the administration, the Treasury, the Federal Reserve, and both chambers of Congress are showing a strong desire to take action and assert U.S. leadership in the crypto space.

The Clarity for Payment Stablecoins Act, which aims to bring stablecoins within the same regulatory frameworks that govern traditional financial services companies, was passed by the House Financial Services Committee in 2023. Circle itself recently filed its confidential S-1 registration with the U.S. Securities and Exchange Commission, signaling the company’s intention to go public.

The CEO of Circle also mentioned that crypto had a great year in 2023, and he is hoping for an even more successful 2024. Allaire emphasized that stablecoins are essential for blockchain technology and that their usage is expanding worldwide.

Dante Disparte, Circle’s chief strategy officer and global head of public policy, shares Allaire’s positive outlook. He believes that 2024 will be the year that the U.S. sees rules for stablecoins coming into place.

He also mentioned that strong concerns around illicit usage of some cryptocurrencies might urge U.S. lawmakers to take action, as stablecoins provide a more legitimate use case for everyday purchases and trade compared to more volatile crypto assets.

With the potential for regulations and laws around stablecoins to be put into place, it’s an exciting time for the cryptocurrency industry. Allaire and Disparte’s optimism about the future of stablecoins and crypto regulation in the U.S. offer hope for a more stable and secure environment for both businesses and consumers alike.

It seems that 2024 holds promise for the crypto industry. With potential regulations on the horizon, Circle and other stakeholders in the crypto space are looking forward to a more transparent and regulated future.

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