Allaire Opposes SEC: “Not Securities”

At Circle, the company that issues USDC, CEO Jeremy Allaire gave an interview to Bloomberg. Allaire, who recently expressed his opinions on the operations of the SEC for crypto money companies and stable coins, stated that the SEC is not the right institution for the regulation of stable coins. Allaire stated that stablecoins are used similarly all over the world and are used as a payment system not only in the USA but also in many parts of the world:

“It is not for nothing that governments and government bodies all over the world, even in the USA, call stablecoins a ‘payment system’. This is something that concerns the banking regulator. I think the institution required for stablecoin regulations is not the SEC. Of course, all stablecoins “coins are not the same, they are not equal. But the general point of view in the world is that most of them are payment systems. I don’t think they are securities.”

Allaire supported the SEC on one issue. Stating that they do not oppose the stricter custody rules proposal from the SEC on the storage of cryptocurrencies, Circle CEO said, “Qualified custody companies are necessary to ensure appropriate control. It is also very valuable in terms of preventing bankruptcy,” he said.