{"id":555872,"date":"2023-02-24T06:20:40","date_gmt":"2023-02-24T03:20:40","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sec-is-not-the-appropriate-regulator-for-stablecoins-circle-ceo\/"},"modified":"2023-02-24T06:20:40","modified_gmt":"2023-02-24T03:20:40","slug":"sec-is-not-the-appropriate-regulator-for-stablecoins-circle-ceo","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sec-is-not-the-appropriate-regulator-for-stablecoins-circle-ceo\/","title":{"rendered":"# SEC is not the appropriate regulator for stablecoins: Circle CEO"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2571a6a7358\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2571a6a7358\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/sec-is-not-the-appropriate-regulator-for-stablecoins-circle-ceo\/#%E2%80%9D_SEC_is_not_the_appropriate_regulator_for_stablecoins_Circle_CEO_%E2%80%9C\" >&#8221; SEC is not the appropriate regulator for stablecoins: Circle CEO &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_SEC_is_not_the_appropriate_regulator_for_stablecoins_Circle_CEO_%E2%80%9C\"><\/span>&#8221; SEC is not the appropriate regulator for stablecoins: Circle CEO &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvNWJlOWU5YjQtNGY4ZS00YWM3LTgyMDEtZGEwOTc1ZDhkNjRlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>The United States Securities and Exchange Commission is not the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ropriate agency to\u00a0regulate stablecoins, according to Circle founder and CEO Jeremy Allaire.<\/p>\n<p>In an <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-23\/sec-is-not-the-right-regulator-for-stablecoins-circle-s-usdc-allaire-says?sref=323RPL5z\">interview<\/a> with Bloomberg on Feb. 24, the Circle chief executive aired his views on the SEC and its recent moves to clamp down on the crypto industry, including stablecoin issuer Paxos. <\/p>\n<p>Allaire appears to have taken issue with the SEC&#8217;s focus on stablecoins, arguing that dollar-pegged \u201cpayment stablecoins\u201d should be under the oversight of a banking regulator, rather than the SEC.<\/p>\n<p>\u201cI don\u2019t think the SEC is the regulator for stablecoins,\u201d said Allaire, adding: <\/p>\n<blockquote><p>\u201cThere is a reason why everywhere in the world, including the U.S., the government is specifically saying payment stablecoins are a payment system and banking regulator activity.\u201d<\/p><\/blockquote>\n<p>Circle confirmed last week that it had\u00a0not been targeted by the SEC following the issuance of a Wells notice to Binance USD (BUSD)-issuer Paxos.<\/p>\n<p>\u201cThere are lots of flavors, as we like to say, not all stablecoins are created equal,\u201d Allaire said, adding, \u201cBut, clearly, from a policy perspective, the uniform view around the world is this is a payment system, prudential regulator space.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Circle&#8217;s Jeremy Allaire says banking regulators would be better for overseeing stablecoins than the SEC <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/8nibUU4taW\">https:\/\/t.co\/8nibUU4taW<\/a><\/p>\n<p>\u2014 Bloomberg Crypto (@crypto) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/crypto\/status\/1628839851540848641?ref_src=twsrc%5Etfw\">February 23, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Circle CEO however said that he was <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly in favor of a recent SEC proposal on crypto custody that would make it much harder for exchanges to become custodians.<\/p>\n<blockquote><p>\u201cWe think having qualified custodians that can provide the appropriate control structures and bankruptcy protections and the other things is a very important market structure and very valuable.\u201d<\/p><\/blockquote>\n<p>Circle is the issuer of the world\u2019s second-largest stablecoin, USD Coin (USDC). It has a circulating supply of $42.2 billion which gives it a market share of 31%. Tether remains the dominant stablecoin with a supply of $70.6 billion and a market share of 52%, according to<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/categories\/stablecoins\"> CoinGecko<\/a>.<\/p>\n<p><strong><em>Related:<\/em><\/strong><strong><em> <\/em><\/strong><strong><em>Why the SEC wants to ban crypto staking and stablecoins under scrutiny<\/em><\/strong><\/p>\n<p>On Feb. 23, Allaire agreed with SEC Commissioner Hester Peirce, who said that the agency should refer to Congress. Due to the lack of legislation, some believe the SEC has been taking things into its own hands concerning crypto regulations and enforcement. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It\u2019s time for Congress to get busy legislating. That\u2019s what you do when things are new, complex and have broad impact on society. Thanks <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/HesterPeirce?ref_src=twsrc%5Etfw\">@HesterPeirce<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/4EaX4RqcE9\">https:\/\/t.co\/4EaX4RqcE9<\/a><\/p>\n<p>\u2014 Jeremy Allaire (@jerallaire) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jerallaire\/status\/1628580722981105665?ref_src=twsrc%5Etfw\">February 23, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Circle is expanding its headcount by as much as 25%, bucking the general trend of crypto layoffs, the report noted.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/sec-is-not-the-appropriate-regulator-for-stablecoins-circle-ceo\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; SEC is not the appropriate regulator for stablecoins: Circle CEO &#8220; The United States Securities and Exchange Commission is not the appropriate agency to\u00a0regulate stablecoins, according to Circle founder and CEO Jeremy Allaire. In an interview with Bloomberg on Feb. 24, the Circle chief executive aired his views on the SEC and its recent&#8230;<\/p>\n","protected":false},"author":1,"featured_media":555873,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/5be9e9b4-4f8e-4ac7-8201-da0975d8d64e.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75936,74898,75493,82350,70934,72287],"class_list":["post-555872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-circle","tag-sec","tag-stablecoin","tag-usd-coin","tag-regulation","tag-security"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/555872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=555872"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/555872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/555873"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=555872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=555872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=555872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}