Circle CEO says SEC is not the appropriate regulator for stablecoins

According to Jeremy Allaire, the SEC is not qualified given that these currencies are not securities or financial products

Jeremy Allaire, CEO of Circle, one of the leading cryptocurrency companies in the United States, expressed his opinion on the regulation of stablecoins by the United States Securities and Exchange Commission (SEC).

Allaire believes that the SEC is not the appropriate regulator for stablecoins, as stablecoins are not securities or financial products, but rather a form of digital currency. According to the CEO of Circle, stablecoins should be regulated by an entity that has experience in handling digital currencies, such as the Commodity Futures Trading Commission (CFTC).

In addition, Allaire also highlighted the importance of clear and consistent regulation for cryptocurrencies and stablecoins. In his opinion, adequate regulation would encourage innovation and growth in the sector, while protecting consumers and maintaining the integrity of the market.

However, the Circle CEO noted that current regulation is confusing and fragmented, with different federal and state agencies applying different rules and regulations to cryptocurrencies. Allaire urged the authorities to work together to create a clear and coherent regulatory framework for the sector.

K. Tovar

Source: Cointelegraph

(Reference image source: file)

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