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Stablecoin Regulation: Circle CEO Calls for U.S. Registration of Dollar-Pegged Tokens
As the U.S. prepares to introduce stablecoin legislation, Circle CEO Jeremy Allaire is advocating for issuers of dollar-pegged tokens to register in the country. In an interview, Allaire expressed concerns about non-U.S. based stablecoin issuers, stating that they should not be allowed to operate freely without adhering to U.S. law.
“It shouldn’t be a free pass, right? Where you can just ignore the U.S. law and go do whatever the hell you want wherever and sell into the United States.”
Allaire’s comments come at a time when Senator Bill Hagerty has proposed a framework for stablecoin issuers, and President Donald Trump has pledged to make the U.S. a crypto hub. Circle’s efforts may potentially impact its main rival, Tether, the largest stablecoin issuer by market capitalization, which recently relocated its headquarters to El Salvador.
Consumer Protection and Financial Integrity
Allaire emphasized that registration is essential for consumer protection and financial integrity. He stated that stablecoin issuers, regardless of their location, should be required to register in the U.S. if they want to offer their dollar stablecoin in the country.
“This is about consumer protection and financial integrity. Whether you’re an offshore company or based in Hong Kong, if you want to offer your dollar stablecoin in the U.S., you should need to register in the U.S. just like we have to go register everywhere else.”
Tether CEO Paolo Ardoino did not publicly address Allaire’s call but suggested that competitors are working to undermine his company. He stated that competitors’ real intent is to “Kill Tether” and that every business or political meeting they have culminates with this intent.
Global Stablecoin Regulation
The debate over stablecoin regulation extends beyond the U.S. In Europe, the Markets in Crypto-Assets Regulation (MiCA) has prompted a rush among issuers to comply, benefiting Circle at the expense of its rivals. However, Ardoino criticized MiCA, arguing that its requirement for stablecoin issuers to hold at least 60% of reserves in E.U. bank accounts poses financial risks.
To stay up-to-date with the latest news on stablecoin regulation, cryptocurrency, and finance, visit Global Crypto News for more information.
