In a recent statement to Bloomberg, Jeremy Allaire, co-founder of Circle, emphasized the need for stablecoin issuers with digital tokens pegged to the dollar to register in the U.S. The stablecoin sector, boasting a market cap of $232 billion, increasingly underpins cryptocurrency trading and international money transfers. “It shouldn’t be a free pass, right?” remarked Allaire. He stressed that all companies, regardless of their origin, should comply with U.S. registration requirements to operate on American soil.
Legislative Moves Shape Crypto’s Future
Interestingly, this legislative push mirrors actions taken earlier this year by President Donald Trump, who issued an executive order to advance a regulatory framework that supports the burgeoning crypto sector. Dante Disparte, Circle’s Chief Strategy Officer, echoed Allaire’s sentiments in a discussion with CoinDesk. He asserted that no company that issues dollar stablecoins should get a free pass from safety and soundness rules and appropriate prudential supervision.
The drive for regulatory compliance is also seen in the business strategies of major players like PayPal (PYPL). Michelle Gill, general manager of PayPal’s small business and financial services group, told Bloomberg about plans to integrate their PYUSD stablecoin into more products in the coming months.
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