Jeremy Allaire, the Circle CEO thinks that policy issues are becoming much more prevalent in the crypto space as worldwide crypto adoption gets real so let’s find out what he had to say in today’s crypto news.
Regulators and policymakers around the world were open to innovation most of the time or at least some sort of progression on the market. However, with the industry growing technologically and in terms of institutional adoption, the KYC and AML laws are back and it’s all but what the crypto ethos stands for. The proposed STABLE Act dew a lot of flak from the crypto space last week and it called for all issued stablecoins to require strict KYC policies in place before getting the permit for public use. However, The authors of the act went as far as to say that stablecoins were disadvantageous to the less fortunate social communities.
1/14 The rise of crypto has brought policy and regulatory issues to the forefront and are going to become massively important very quickly. The departing administration and the incoming Democratic forces are both eager to leave their mark.
— Jeremy Allaire (@jerallaire) December 6, 2020
Jeremy Allaire, the Circle CEO thinks that the rise of crypto brought up many regulatory issues to the forefront and is becoming massively important very quickly. The departing administration and the Democratic party forces are now eager to leave their mark in the crypto space, as he mentioned on Twitter. Allaire noted that the different political schools are now painting crypto in a different light and further said that the far-left government was positioning the crypto space as an “anti-big tech and consumer protection issue” while the far-right considered the industry as “a national security threat.”
However, the libertarians saw the human economic potential that the industry offers. Jeremy Allaire compared the rise of crypto to the early internet boom back in the 90s and said:
“Back then, monopoly media, communications and tech firms (ATT, TimeWarner, Microsoft) opposed the open internet, seeking to protect and build on their centralized platforms.”
However, the builders kept on building and pushed forward which caused the lawmakers to take notice and introduce new regulation like the “Telecommunications Act in 1996” which is in Allaire’s view, what is coming to the crypto sector as well:
“Those of us who joined crypto because we believe that it could do for the economic system what the early internet did for information and communications need to be ready because the shit is about to get real.”
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