Circle USDC Coin: Despite increasing regulatory pressure around crypto market, the US administration is far from providing a clear and distinct view. This is amid an increasing interest from new entrants into the cryptocurrency ecosystem, not just in US but globally. This is leading to fear and uncertainty among the country’s leading crypto players, who fear the US is risking the possibility of missing the bus to become a top crypto hub. However, unlike its supremacy in the world of financial markets, the decentralized nature of cryptocurrencies lays path for smoother adoption in other countries.
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Circle CEO: Anxiety About US Regulation
Jeremy Allaire, the co-founder and chief executive officer of Circle, the company behind USDC stablecoin, shared the popular sentiment in the US market about crypto regulation. There is a feeling of anxiousness around what the rules will be, he said speaking to CNBC on Friday. Allaire also shared the advantage that comes with digital assets in that they are global in nature and attracting interest globally. The Circle CEO explained how several countries in the European Union and Asia have advanced their scope of regulatory guidelines for the crypto industry. He further remarked,
“The U.S. is one of the last to move on providing legislation.”
The CEO said the need for crypto is fueled by the current macroeconomic scenario with rising interest rates along with the lure of having a currency independent of governments. In a latest, with the stronger than expected Personal Consumption Expenditures (PCE) numbers, the stock markets saw a huge decline.
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