Circle CEO: I don’t think the SEC is the regulator of stable currency

as report goes, Jeremy Allaire, CEO of Circle, a stable currency issuer of USDC, said in an interview: “I don’t think the SEC is the regulator of stable currency. In all parts of the world, including the United States, the government clearly stated that the payment of stable currency is a kind of payment system and bank supervision activity, which is for a reason. Although all stable currencies are not equal, from the perspective of policy, the unified view of the world is that this is a prudent regulatory space under a payment system.”

Interpretation of this information:

The quote from Jeremy Allaire provides insight into the regulation of stable currencies, specifically in relation to the role of the Securities and Exchange Commission (SEC). Allaire argues that the SEC is not the proper regulator of stable currencies, and instead suggests that stable currencies should be supervised by banks and payment system regulators. He contends that this is the viewpoint of the global community as a whole, and that proper regulation is needed to ensure the stability and safety of the system.

This statement is particularly relevant in light of recent concerns around stable currencies, such as Facebook’s proposed Libra currency. Several government officials have expressed concerns about the potential risks associated with these currencies, including the possibility of financial instability and the potential for criminal activity. Some have suggested that the SEC should play a larger role in regulating them.

Allaire’s assertion that stable currencies should fall under the purview of banks and payment system regulators is a logical one, given that these organizations are already responsible for overseeing many aspects of the financial system. The use of stable currencies as a payment method, rather than as securities, is also an important distinction.

One potential challenge with this approach is that stable currencies are still a relatively new phenomenon, and there is no clear consensus on how they should be regulated. While Allaire suggests that regulators should take a unified approach, it remains to be seen whether different countries will have different regulations in place.

Overall, however, Allaire’s comments provide an important perspective on the regulation of stable currencies. They highlight the need for a thoughtful and comprehensive approach that prioritizes safety and stability above all else.