Circle CEO: SEC is not the appropriate regulator for stablecoins

ChainCatcher news, according to Bloomberg, the CEO of USDC stablecoin issuer Circle, Jeremy Allaire, stated in an interview: "I don't believe the SEC is the appropriate regulator for stablecoins. Governments around the world, including the U.S., have made it clear that payment stablecoins are a payment system and banking regulatory activity for a reason. While not all stablecoins are equal, from a policy perspective, there is a unified global view that this is a prudential regulatory space under a payment system."

Additionally, Allaire expressed his overall support for a recent proposal by the U.S. Securities and Exchange Commission that would classify virtual currencies as assets subject to "qualified custodian" requirements. Allaire stated: "We believe that having qualified custodians can provide appropriate control structures and bankruptcy protections, which is a very important market structure and highly valuable."

In previous news, stablecoin issuer Paxos received a Wells notice from the SEC regarding BUSD, after which Circle clarified that it had not received a Wells notice. (source link)