- Jeremy Allaire stated that he doesn’t think that the stablecoin bill that came out of the Financial Services Committee will be the version that gets signed into law.
- Allaire believes that there are several key issues that are important to the Fed that haven’t been resolved.
- The Circle CEO is, however, sure that the regulations for stablecoins will come into effect shortly.
Jeremy Allaire, the co-founder and CEO of USD issuer Circle, stated that he doesn’t think that the Congressional stablecoin bill that came out of the Financial Services Committee will be the version that gets signed into law. Allaire was speaking on crypto journalist Laura Shin’s podcast “Unchained.”
.@Circle’s @jerallaire doesn’t think the Congressional bill that came out of committee will be the version that gets signed into law, but says there’s still a lot to like about it.Full episode: https://t.co/j2DOCOyyz5 pic.twitter.com/E8CMWHqLc5— Laura Shin (@laurashin) September 12, 2023
“I think the bill accomplishes a lot,” said Allaire, explaining that he had no doubt that stablecoin regulation would come into effect soon enough. However, Allaire added that the current bill might not be the version that gets signed because certain key issues important to the Fed haven’t been resolved, such as how much of a role the Federal Reserve gets to play in stablecoins.
Among the various topics discussed during the podcast, Allaire touched on why Circle and Coinbase (NASDAQ:COIN) created the Center Consortium, why Coinbase acquired a stake in Circle, and why Circle is launching native USDC on so many new blockchains.
When asked about the impetus behind Circle dissolving Center Consortium that was managing the development of USDC and about Coinbase taking a stake in Circle, Allaire responded by saying that working together with Coinbase has helped to build Circle more and innovate better, especially in terms of responding to regulations.
Allaire also talked about Web 3 services that Circle was working on. Circle is now working to help developers hoping to build apps on blockchains in such a way that they do not have to worry about managing the infrastructure, security, operations, and compliance issues that arise with it.
“If we want to see Web 2 go you know evolve into this new architecture right we have to dramatically change how easy it is for these developers to build operate and run these kinds of apps and services.”
Circle has had an interesting year with various new product launches and partnerships, among some not-so-favorable developments such as new regulations and competitors entering the market. However, Allaire is hopeful and believes that Circle is poised to achieve several new milestones in the near future.
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