Jeremy Allaire said it’s time for U.S. authorities to develop global crypto regulations that will have a significant impact not only on the digital industry, but also on the competitiveness of the dollar for decades to come.
The businessman urged lawmakers to create federal compliance rules for stablcoin issuers, impose rules for stablcoin storage on the balance sheets of regulator-certified companies, and rules to guarantee easier access to Federal Reserve account services.
In addition, Allaire suggested using criminal practices in convicting administrations of companies involved in issuing counterfeit steiblocoins and digital dollars.
Earlier, Circle’s CEO said the banking crisis and regulatory problems in the U.S. crypto industry were the main negative factors that caused USDC’s market capitalization to decline.