The US Will Become a ‘Highly Competitive Market’ Once it Embraces Crypto, Circle CEO Says

Jeremy Allaire, CEO of Circle, believes that US regulators should open their arms to the cryptocurrency industry to avoid falling behind other nations.

He said that the US government was one of the first to come up with recommendations regarding the regulation of stablecoins, adding that the White House, the Federal Reserve and the Treasury Department are focused on that mission.

'America may be late to the party'

In a recent interviewAllaire He regretted that the US government has not been as supportive of the digital asset industry over the years as other countries. In his opinion, this could drive talent abroad and affect "where the capital will go." Still, he expressed hope that the US would catch up quickly once it puts in place a regulatory framework due to the size of its economy and implements certain policies "in an election year":

“The United States may be late to the party in terms of implementing these policies, but it is the largest economy and has the largest technology industry and the largest financial system in the world. And when the United States sets its rules, it will be a highly competitive market."

Allaire argument earlier this year that regulatory chaos and the banking crisis in the United States could prompt local investors to move abroad.

He also gave his take on the many financial giants that have recently come forward to launch spot Bitcoin ETFs in the United States, such as the world's largest asset manager. black rock. According to him, one factor behind the growing interest of this type of company is the end of the turmoil caused by the FTX implosion last year.

“But we are past that and, at the same time, technological progress continues to advance,” he said.

The CEO of Circle suggested that the current condition of the cryptocurrency sector is very similar to that of the market after the dot-com crash in the late 1990s. Back then, phrases like “electronic commerce” or “internet of consumption" were frowned upon due to the great uncertainty.

However, "the next generation of browser technology, the next generation of digital media technology, broadband infrastructure, Wi-Fi infrastructure, mobile devices" ignited "a whole new era," Allaire concluded.

What does the future hold?

Allaire described the next five to 10 years as "the era of programmable money," where blockchain technology, artificial intelligence, smart contracts, and entrepreneurship will reshape trade and commerce.

He went further and said that the financial system will transform the way smartphones are modified after the success of the iPhone.

“It's similar to when you turned on broadband for everyone and enabled Wi-Fi connected devices, which became possible, right? Television reinvented itself; Games reinvented themselves,” he added.