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Circle CEO thinks Biden admin likely to be supportive of cryptocurrencies

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CEO and founder of the digital currency company Circle, Jeremy Allaire thinks that the Biden administration is likely to be supportive of cryptocurrencies and the benefits the US can obtain from them. In Allaire’s opinion, Joe Biden and his administration will ultimately be supportive of cryptocurrencies because it signifies an infrastructure change as big as the commercial Internet was. 

He was asked about his outlook on cryptocurrency regulations in the US during an interview with CNBC’s “Squawk Box” on 7 December. Circle CEO Jeremy Allaire also discussed the state of cryptocurrency regulation, the Biden administration transition, as well as the rise of stablecoins, and more. During the discussion, the entrepreneur said: 

They [Biden administration] will ultimately be supportive because this is an infrastructure change as big as the initial commercial Internet.

According to him, authorities in US are likely to be focused on infrastructure changes that will make America more competitive.

In a tweet published on 6 December, Allaire stated that the rise of crypto brought policy and regulatory issues to the forefront and that it would gain massive importance “very quickly.” He believed that: 

The stakes are very high for society and the economy; the far-left wants to paint crypto as an anti-big tech and consumer protection issue, the far-right wants to paint crypto as a national security threat; the libertarians and moderates see the human economic potential.

Additionally, the Circle CEO said that if “big banks” wanted to put limits on crypto innovation tech entrepreneurs, silicon valley wanted to foster it for the betterment of the world.

He went on to state that these groups “don’t have a full understanding of each other,” which could lead to “poorly considered” policies and regulatory choices. However, Allaire believed that Biden promised to govern from “the middle, focus on rebuilding infrastructure,” and  will strengthen America’s role in the world.”

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Alisha is a full-time journalist at AMBCrypto. Her interests lie in blockchain technology, crypto-crimes, and market developments in Africa and the United States

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