Circle CEO Allaire to Congress: Treat crypto as a new asset class

posted 3 months ago
The US Senate Banking Committee convenes Tuesday to discuss current and potential crypto regulations. Jeremy Allaire, CEO of Circle, will testify as a representative of the Blockchain Association trade group. In his prepared remarks, Allaire calls for Congress to treat digital assets as its own asset class, as current regulatory burdens may make it difficult for US companies to conduct business.

“Being a law-abiding US citizen should not put US companies, or US industry, at a disadvantage in the development of this global technology. Congress should adopt national policies that define and establish digital assets as a new asset class and develop appropriate rules and exemptions for digital assets. This will require legislation that likely changes our existing commodities, securities, and banking laws, among others.” Blockchain technology will help regulators better track attempts at money laundering, Allaire explains.
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