Circle CEO Predicts Stablecoin Laws in the US by 2024
Jeremy Allaire, CEO of Circle, the company behind USD Coin, believes that laws for stablecoin issuers like his own will be passed in the US by 2024. While stablecoins are currently unregulated, they are a significant market valued at $135.3 billion. Allaire expressed optimism that the US will approve a stablecoin bill this year, as regulatory developments in the crypto industry are progressing globally.
US Desire for Regulatory Leadership
Allaire noted that other countries have already begun regulating digital currencies tied to the US dollar, and the US wants to assert its leadership in this area. He emphasized the need for consumer protections and stated that the administration, Treasury, Federal Reserve, and Congress are all inclined to pass stablecoin laws.
Clarity for Payment Stablecoins Act
Allaire was asked about the Clarity for Payment Stablecoins Act, which aims to subject stablecoins to similar regulatory frameworks as traditional financial services companies. While it was passed by the House Financial Services Committee in 2023, it still needs approval from lawmakers in the House.
Circle’s IPO and Industry Outlook
Circle recently filed its confidential S-1 registration with the SEC for a public listing. Allaire did not comment on whether this decision was influenced by the SEC’s approval of the first US spot bitcoin ETFs. Looking ahead to 2024, Allaire expects further industry growth and adoption of stablecoins worldwide.
Predictions and Concerns
Dante Disparte, Circle’s chief strategy officer, shares Allaire’s optimism about stablecoin regulations being implemented in the US this year. Disparte highlighted that concerns about illicit usage of cryptocurrencies could be a driving force behind the need for stablecoin laws, as stablecoins have legitimate use cases compared to more volatile cryptocurrencies associated with criminal activity.
Hot Take: Stablecoin Regulation in the US on the Horizon
The CEO of Circle, Jeremy Allaire, believes that stablecoin laws will be approved in the US by 2024. With the global progress of regulatory developments in the crypto industry, Allaire is optimistic about the US asserting its leadership and implementing necessary consumer protections. The Clarity for Payment Stablecoins Act is currently under consideration in the House of Representatives. Circle recently filed for an IPO, and industry insiders anticipate further growth and adoption of stablecoins in 2024. Dante Disparte, Circle’s chief strategy officer, shares this optimism and emphasizes the need for stablecoin regulations to address concerns about illicit usage and protect the US economy.
By
By
By
By
By