Allaire added that blockchain technology will be one of the key factors in transforming business and trade over the next decade.
Circle CEO Jeremy Allaire believes that U.S. regulators should open their arms to the cryptocurrency industry to prevent falling behind other countries.
He said the U.S. government was one of the first to propose regulation for stablecoins, adding that the White House, the Federal Reserve and the Treasury Department are all focused on that mission.
“The U.S. may be late for the party”
In a recent interview, Allaire expressed regret that the US government has not supported the digital asset industry as much as other countries over the years. In his opinion, this could push talent overseas and affect "the flow of capital." Nevertheless, he hopes that the United States will quickly catch up once it implements a regulatory framework based on the size of its economy and implements certain policies in an "election year":
“The U.S. may be late in implementing these policies, but it’s the world’s largest economy, with the world’s largest tech industry and the largest financial system. When the U.S. does set the rules, it’s going to be a competitive market.”
Allaire said earlier this year that regulatory chaos and banking crises in the United States could prompt local investors to move overseas.
He also praised the many financial giants that have recently applied to launch spot Bitcoin ETFs in the United States, such as BlackRock, the world's largest asset manager. He said one of the reasons for the growing interest from such companies is the end of the turmoil caused by the implosion of FTX last year.
“But we are well past that point, and at the same time, technological progress is still moving forward,” he insisted.
Circle’s CEO said the current situation in the cryptocurrency industry is very similar to the market after the bursting of the Internet bubble in the late 1990s. At that time, phrases such as “e-commerce” or “consumer Internet” were opposed by people due to high uncertainty.
Nonetheless, “next-generation browser technology, next-generation digital media technology, broadband infrastructure, Wi-Fi infrastructure, mobile devices” have ushered in “a whole new era,” Allaire concluded.
Where does the future lie?
Allaire described the next five to ten years as the “era of programmable money,” in which blockchain technology, artificial intelligence, smart contracts and entrepreneurship will reshape trade and commerce.
He further stated that following the success of the iPhone, the financial system will change the way smartphones are modified.
He added, "It's similar to when you turned on broadband for everyone and enabled Wi-Fi connected devices, everything became possible, right? Television was reinvented; gaming was reinvented."
