According to reports, Jeremy Allaire, CEO of USDC stablecoin issuer Circle, said in an interview: “I don’t think the SEC is the regulator of stablecoins. Around the world, including the United States, the government has clearly stated that payment stablecoins are a payment system.” and banking regulatory activity, for a reason.
While not all stablecoins are created equal, from a policy perspective, the unified view around the world is that this is a prudentially regulated space under the payment system. Allaire also said he generally supports a recent proposal by the U.S. SEC to include virtual currencies as assets subject to a “qualified custodian” requirement.
“We think having a qualified custodian in place to provide a proper control structure and bankruptcy protection and so forth is a very important market structure that is very valuable,” Allaire said.
