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Circle exec believes Congress will first take action on stablecoins

Circle exec believes Congress will first take action on stablecoins 5

The chief executive officer of the Circle company claimed that Stablecoins will fall under the priority new policy list of the US Congress. 

The circle is a USDC stablecoin manager company. USDC is a second-ranked stablecoin in the Crypto market. Recently Jeremy Allaire, CEO of Circle, spoke with Coindesk TV from the World Economic Forum’s annual conference in Davos, Switzerland. 

Circle CEO said:

“Stablecoins are the lowest-hanging fruit…(..)…It’s the most straightforward. It’s a foundational piece.”

Further, he explained that Stablecoin’s business model is simple and these are easy to understand for people. Allaire noted that USDC stablecoin is a prime example of how stablecoins are growing with better potential, so he believes that stablecoin issuers are going to be normalized in almost every major market.

These things are showing that expanded Crypto regulation efforts will first target the stablecoin market and after that, they will pick crypto assets & crypto companies. 

After the downfall of the TerraUSD stablecoin, an algorithm-based stablecoin that was integrated with Luna coin, Circle company showed significant confidence in the Crypto sector with its transparent financial activities. 

United States & unclear Crypto regulation 

In the recent few months, the majority of the Crypto companies’ leaders stated that the regulatory framework on the Crypto sector is unclear and the government should do its best to regulate the sector, to save the citizens from any kind of big risk. 

After the bankruptcy of the FTX exchange, sudden pressure came into action on the US lawmakers to ensure the safety of the citizens from this market. 

Last year’s most popular collapsed Crypto projects are TerraUSD stablecoin, Luna coin, FTX Bankruptcy with FTXUS & Alameda Research, BlockFi, Celsius, Voyager Digital, Genesis Global Trading. 

Read also: Former FTXUS president will start his new Crypto Company

Circle exec believes Congress will first take action on stablecoins



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