Circle Supports Government Plans to Regulate Stablecoin Issuers Like Banks

USDC issuer Circle has declared support for the Presidential Working Group on Financial Markets’ proposal to regulate fiat-backed cryptocurrency issuers like banks, stating that the move would foster ecosystem growth.
Jeremy Allaire, CEO of Circle, told Yahoo Finance that it is imperative to regulate stablecoin issuers because the growth of such tokens could see the asset class widely adopted by many.
“We’re supportive of that recommendation. We think [this] represents significant progress in the growth of this industry,” Allaire said.
Stablecoins Regulation Proposal
Circle’s CEO comment comes weeks after the United States president’s Working Group on Financial Markets proposed that Congress should regulate stablecoins like banks.
The major focus of the regulatory committee is to curtail any form of risk that stablecoins pose to the existing financial system.
Although stablecoins were initially developed to be used in the cryptocurrency market, there is a possibility that t

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