Circle’s Allaire urges US oversight for dollar-pegged stablecoins

With stablescoin legislation on the horizon, Circle Director of Circle, Jeremy Allaire, calls for token issuers pointed out in dollars to register in the United States

Circle CEO Jeremy Allaire seems to support an enclosed garden approach to the Stablescoin regulations, saying that the issuers of pointed tokens should have to register in the United States in a interview With Bloomberg, Allaire has raised concerns about stablecoin issuers who are not based on the United States, saying that “there should not be a free pass”.

“It shouldn’t be a free pass, right?” Where you can just ignore the American law and go do what you want where and sell in the United States. »»

Jeremy Allaire

Allaire’s comments come when Senator Bill Hagerty recently offered a framework for Stablecoin issuers while President Donald Trump has promised to make the United States a crypto hub. Circle’s efforts could potentially affect its main rival and the largest stabing transmitter by market capitalization, Attachedwhich recently moved its headquarters in Salvador El-Friendly.

“This is consumer protection and financial integrity. Whether you are an offshore company or based in Hong Kong, if you want to offer your Stablecoin dollar in the United States, you should register in the United States as we have to register everywhere else. “”

Jeremy Allaire

The CEO of Tether, Paolo Ardodino, did not publicly address the Allaire call but suggested in A message on February 25 On X, competitors worked to undermine his business.

“Although our commercial model of competitors should be to build a better product and an even larger distribution network, their real intention is” Kill Tether “. Each commercial or political meeting that they culminated with this intention. »Paolo Ardoino

The debate on the regulation of stablescoin extends beyond the United States in July 2024, analysts of the Kaiko Blockchain Research Company suggested The fact that the regulations on European markets in crypto-active prompts the issuers to comply, benefiting the circle to the detriment of its rivals.

Ardoino criticized the Mica, arguing that its requirement for stablecoin issuers to hold at least 60% of reserves in EU bank accounts has financial risks, because deposits exceeding € 100,000 are not insured.