Circle CEO Believes Libra Will Trigger Positive Regulation

The CEO of the payments company Circle, Jeremy Allaire, recently spoke in an interview with Bloomberg, addressing a few crypto topics one of which was Facebook and its Libra crypto project. As the Circle CEO stated, Facebook libra will run in a closed loop permission that has its own requirements for regulation.

Allaire also pointed out that there are different stablecoin implementations that are distinct in the regulatory approach. As he explained:

“There’s a really key difference between stablecoins that run on kind of closed-loop permission schemes — which is how Libra is being proposed today, at least in its initial incarnation — versus stablecoins that can run on the public internet.”

The Circle CEO was also in the altcoin news for saying that the latter is the approach of USDCoin (USDC) which is a stablecoin jointly released by Circle and the US cryptocurrency exchange Coinbase. As he said, Libra will hopefully trigger the development of national policies concerning digital assets.

“Our view is that, you know, crypto and blockchains represent sort of the fabric of the 21st-century economy, and there’s an opportunity to put in place policy that allows us to flourish on a massive scale in the same way that the internet flourished in the mid- to late-nineties and policy was really vital to enabling that,” the Circle CEO said.

As many best cryptocurrency news sites reported in May this year, Allaire also pointed out that the cryptocurrency space needs regulatory certainty and that the current definition of cryptocurrency is way too broad.

The Circle CEO was also featured in the coming altcoin news for stating that mass adoption of non-sovereign store of value digital assets such as Bitcoin (BTC) needs to be in place, but that he also foresees growth to happen in the adoption of stablecoins.

Allaire was in the news before too, when he debated the Canadian businessman and TV personality Kevin O’Leary, opposing to his views that cryptocurrencies pose serious compliance challenges to the financial services industry.

As the latest cryptocurrency news show, Bitcoin is trading at $11,352 at press time with a $200 billion market cap. The total market cap has retraced from $320 billion to $324 billion in the past couple of hours, minimizing the long correction.