The CIRCLE CEO believes that stable coins should not be regulated by the SEC

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Von: Krypto News Österreich

Nach dem jüngsten Vorgehen der US-Börsenaufsichtsbehörde Securities and Exchange Commission gegen mehrere Kryptounternehmen meinte Jeremy Allaire, dass die Agentur nicht die beste Wahl sei, um insbesondere Stablecoins zu überwachen. Er glaubt, dass diese Vermögenswerte Teil des Bankensektors sind und daher von einer anderen Aufsichtsbehörde in den Staaten reguliert werden müssen. In den letzten Wochen hat die US-Wertpapieraufsicht mehrere lokal ansässige Kryptofirmen verfolgt, angefangen bei Kraken und seinen Staking-Diensten. Die Börse musste sich mit dem Wachhund abfinden, eine Strafe von 30 Millionen Dollar zahlen und ihre Staking-Plattform stoppen. Tage später schickte die SEC eine Wells-Warnung an Paxos, in der sie dem …
According to the recent procedure of the US stock exchange supervisory authority Securities and Exchange Commission against several crypto companies, Jeremy Allaire said that the agency was not the best choice in order to monitor stable coins in particular. He believes that these assets are part of the banking sector and must therefore be regulated by another supervisory authority in the States. In the past few weeks, the US value paper supervision has followed several locally resident crypto companies, starting with octopuses and its staking services. The stock exchange had to put up with the watchdog, pay a penalty of $ 30 million and stop their staking platform. Days later, the SEC sent a Wells warning to Paxos, in which it was ... (Symbolbild/KNAT)

According to the recent procedure of the US stock exchange supervisory authority Securities and Exchange Commission against several crypto companies, Jeremy Allaire said that the agency was not the best choice to overcome stable coins in particular.

He believes that these assets are part of the banking sector and must therefore be regulated by another supervisory authority in the states.

  • In the past few weeks, the US value paper supervision has followed several locally based crypto companies, starting with octopuses and its staking services. The stock exchange had to put up with the watchdog, pay a penalty of $ 30 million and stop their staking platform.
  • days later, the SEC sent a Wells warning to Paxos, in which it accused the company to sell non-registered securities when issuing the Stablecoin Binance (BusD).
  • This messed up many cages in the Community, as stable coins were widely considered non-securities. It also attracted attention to other stable coin emitters such as Tether and Circle.
  • The CEO of the latter - Jeremy Allaire - spoke to Bloomberg about the current situation and claimed that the SEC did not seem to be the right supervisory authority for such cryptocurrency plants.

"I do not think that the SEC is the regulatory authority for stable coins. There is a reason why the government expressly says that the government is a payment system and an activity of banking supervision."

  • Nevertheless, Allaire admitted that "not all stable coins are created the same". This happens less than a year after the controversial algorithmic attempt by Terra (VAT) collapsed to practically $ 0 and the entire 40 billion dollar ecosystem has extinguished.
  • At the same time, the CEO von Circle praised the recent proposal to the Seco to introduce stricter rules for crypto custody.

"We believe that it is a very important market structure and very valuable to have qualified deposit banks that can offer the appropriate control structures and bankruptcy protection," said Allaire. "We have learned a lot of lessons that random exchanges have their fortune. There is a reason why they have this kind of rule."

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