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Circle CEO Doubles Down on His Call for Regulatory Clarity During Recent Reddit AMA

  • Alex Morris
    📰 News

    Jeremy Allaire claims that cooperating with regulators and bringing clarity to the table remain their top priorities

Circle CEO Doubles Down on His Call for Regulatory Clarity During Recent Reddit AMA
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Jeremy Allaire, the CEO of crypto unicorn Circle, has recently conducted Reddit AMA along with four other team members. Allaire touched upon such hot topics as regulations and the market sell-off.

Reddit AMA

Regulatory roadblocks

On Dec. 14, Allaire made an appearance on CNBC, claiming that the cryptocurrency market needs more regulatory clarity when it comes to distinguishing between commodities and securities. During the aforementioned AMA, he reiterated his stance by saying that the industry faces the lack of specific guidance form the Securities Exchange Commission (SEC), which would make it easier to classify different crypto assets. That could be a catalyst for the growth of the cryptocurrency market, Allaire predicts.

👉MUST READ Europe's Banking Watchdog Urges EU Commission to Put End to Patchy Crypto Regulations


On the flip side, Allaire does admit that they are making headway with regulators who are ‘keen to learn’ about the advantages of the nascent asset class. The startup has been focusing on educating regulators since its very inception by cooperating with bank supervisors, policy makers, etc. Circle’s Robert Bench also reveals that ‘a great deal of education’ is needed in the realm of the so-called privacy coins (Monero, Zcash), which has been getting a lot of regulatory attention as of recently.

Markets are in the oversold territory

Allaire states that there is a huge sell-off in the market, and some digital assets are undervalued. He points to the fact that market prices aren’t catching up with the rate of adoption, and there has been an ‘irrational’ correlation to BTC. As the market grows legs, the value of assets will be accurately adjusted to their utility.

Rachel Mayer, another Circle representative, names lack of consumer products as one of the main hindrances, which prevents fresh faces from entering the crypto market at this point. She also adds that public awareness is the key to mainstream adoption, which is why it is important to educate ordinary folks about the potential of Blockchain.

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USD Coin (USDC), Gemini Dollar (GUSD), Paxos Standard (PAX), and TrueUSD (TUSD) Experienced Significant Supply Reduction This February: Research

  • Alex Morris
    📊‍ Infographics

    Tether (USDT) and Dai (DAI) are the only major stablecoins whose circulating supply remained unchanged throughout February

USD Coin (USDC), Gemini Dollar (GUSD), Paxos Standard (PAX), and TrueUSD (TUSD) Experienced Significant Supply Reduction This February: Research
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Stablecoins were one of the biggest crypto trends of 2018, but a recently published Diar study shows that might not be the case this year. USD Coin (USDC), Gemini Dollar (GUSD), Paxos Standard (PAX), and TrueUSD (TUSD) all saw their outstanding supply decreasing this February.

The stablecoin market hits a snag  

Overall, the aforementioned cryptocurrencies had a 10 percent net decrease in market capitalization. USD Coin (USDC) is the biggest stablecoin from the pack, currently occupying 23rd place on CMC with a market cap of $247 mln. The circulating supply of Circle’s coin was standing at almost $300 mln at the beginning of February, but now it’s at $244 mln.  

👉MUST READ Stablecoin Boom Continues With World’s First Pound-Pegged Cryptocurrency


Nevertheless, the stablecoin ecosystem is getting even more crowded with JPMorgan recently launching JPM Coin, a new dollar-pegged cryptocurrency.        

Tether remains unbothered

Notably, the circulating supply of Tether (USDT), the flagship stablecoin, remains practically unchanged. USDT, despite its numerous controversies, was recently praised by Michael Gronager, the CEO of Chainalysis. Dai (DAI), an Ethereum-collateralized cryptocurrency, also didn’t experience supply reduction.

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