NewsletterCircle CEO Jeremy Allaire Predicts U.S. Stablecoin Laws in 2024
Jeremy Allaire, CEO of Circle, has indicated a strong likelihood of the United States passing significant legislation for the stablecoin sector in 2024. With a market currently valued at $135.3 billion, stablecoins represent a significant aspect of the cryptocurrency market. However, this sector remains largely unregulated, a situation that could change with the anticipated legislative developments.
Bipartisan Support Fuels Regulatory Momentum
During his conversation with CNBC at the World Economic Forum in Davos, Allaire highlighted a growing consensus among key U.S. financial institutions and both chambers of Congress. This bipartisan approach suggests a more assertive stance towards the regulation of stablecoins, echoing a global trend in crypto-focused legislative advancements. The Clarity for Payment Stablecoins Act, already passed by the House Financial Services Committee, is one such example awaiting further approval.
Circle Aligns with Regulatory Developments
Circle, the company behind the well-known USD Coin, is aligning its business strategy with these regulatory shifts. The firm’s recent confidential S-1 filing with the U.S. Securities and Exchange Commission demonstrates its readiness to integrate into the traditional financial system. This move coincides with the SEC’s approval of the first U.S. spot bitcoin ETFs, a development that further signifies the maturing of the cryptocurrency market.
Growing Usage and Regulatory Clarity in 2024
The crypto industry, having experienced a significant recovery in 2023, looks forward to a more prosperous 2024, particularly for stablecoins. According to Allaire, the expanding use of stablecoins globally underscores their critical role in blockchain technology. He anticipates that regulatory clarity, combined with advancements like spot ETFs, will further expand the sector.
Circle’s Chief Strategy Officer, Dante Disparte, echoed Allaire’s sentiments, stressing the importance of early stablecoin policy implementation. Concerns regarding the illicit use of cryptocurrencies, including funding for terrorism and drug trafficking, are driving U.S. lawmakers to act. By establishing clear regulations, the U.S. aims to mitigate these risks while promoting legitimate financial uses of stablecoins.
Read Also: Bitcoin (BTC) Price to $200K Before Halving, Top Trader Predicts
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- 8 Best Crypto Exchanges That Accept PayPal Deposits and Withdrawals
- Jerome Powell Speech Today: What To Expect as Fed Ends QT
- Tom Lee’s BitMine Acquires 96,798 ETH Ahead of Ethereum Fusaka Upgrade
- Schiff Predicts ‘Beginning of the End’ for MSTR as Strategy Eases Bitcoin Sell-Off Fears With $1.44B Reserve
- Bitget Launches MONAD Earn With 20% APR, 800K MON Airdrop Campaign
- Dogecoin Price Below $0.15 as Crypto Market Crashes: Will $0.10 Hold?
- Will the Binance Coin Price Rebound as a Key RWA Metric Jumps 99%
- AVAX Price Prediction After Bitwise Files for a Staking ETF — A Rebound Coming?
- Will Chainlink Price Soar to $20 with U.S. Spot ETF Launch?
- Is Pepe Coin Price at Risk After Forming This Bearish Pattern?
- Bitcoin Price Drops to $87K in a Rapid Crash: What Sparked the Sell-Off?
