Circle CEO Jeremy Allaire on Wednesday emphasized that cryptocurrency is already a bipartisan issue in the U.S., but stressed that more needs to be done to solidify this status.
What Happened: In an interview with CNBC, Allaire warned that without stronger bipartisan support, the U.S. risks missing out on the opportunity to lead in the crypto space.
Allaire pointed out that, despite some progress, much more work is needed to advance crypto-friendly legislation.
“What’s interesting is that if you look at what happened over the past year, you actually saw a lot of bipartisan work getting done. Crypto, in many ways, has been treated as a bipartisan issue for quite some time,” he said, referencing major bills on stablecoins and market structure that have moved forward.
However, Allaire also criticized the current administration for its handling of the crypto industry, arguing that it has driven jobs overseas, stifled innovation, and left critical decisions to the courts rather than Congress. “They’ve made the cost of building in this space extremely prohibitive,” he said. “That is not how a new technology industry should be developed. They’ve really missed the beat on that.”
He further expressed concerns that the U.S. is falling behind other regions, like Europe, which have established more comprehensive regulations.
“I think what the industry is looking for is clear statements from the existing White House and clear statements from Harris as part of her economic policy agenda,” Allaire noted, adding that the Harris campaign has been actively engaging with the industry to better understand the asset class.
The discussion also touched on former President Trump’s stance on cryptocurrency.
While Trump has made appearances at crypto events, like the Bitcoin BTC/USD 2024 conference in Nashville, he has not provided substantial comments on the topic.
Allaire suggested that while Trump may not have a deep understanding of the issues, his advisers seem to have a more sophisticated view.
However, Allaire expressed skepticism about Trump making any bold moves, such as adopting Bitcoin as a reserve currency, stating, “It’s hard to know that, obviously.”
What’s Next: As the U.S. navigates its future in the crypto space, the importance of bipartisan support and clear regulatory guidance remains paramount, especially with events like Benzinga’s Future of Digital Assets on Nov. 19 set to explore these critical issues.
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