“Deep Market Anxiety” in the Cryptocurrency Sector Was Caused by “Aggressive Regulatory Actions”, Circle CEO Claims

Circle CEO Jeremy Allaire has expressed concerns about the risks facing the crypto market because of the exposure to the US Dollar and regulatory risk in the US financial system. He has urged US policymakers to adopt a clear and pragmatic policy to help the US maintain its position as a leader in the blockchain technology space.

Allaire noted that the aggressive regulatory actions on crypto had caused deep market anxiety, according to CryptoSlate. He also believes that the situation forced market participants out of the US into poorly regulated jurisdictions with higher risks and lax controls. Despite these concerns, Circle would continue to operate within the regulatory framework and also agree to comply with the highest standards and transparency.

The Circle CEO stated, as the same source mentioned above quotes:

USDC has not missed a beat, we have never failed to mint or redeem USDC for $1, including during the past weeks stress test. As of last week, in the past year, we have redeemed $192.4B USDC at $1, and issued $176.9B at $1.

In recent years, Circle CEO Jeremy Allaire has been particularly active in the area of digital finance and blockchain technology. In addition to leading Circle, which is a blockchain-based payments and financial services company, he has also been a vocal advocate for the adoption and integration of digital currencies into mainstream financial systems.

One of the most interesting projects that Allaire has been involved in is the development of USDC, a stablecoin pegged to the US dollar that is designed to enable faster, cheaper, and more secure transactions on the blockchain. USDC has rapidly gained popularity in the crypto space, and Circle has partnered with several major companies and organizations, such as Visa and Coinbase, to expand the reach and utility of the stablecoin.

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