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Regulation necessary for crytptocurrency in US says Circle CEO

Regulation necessary for crytptocurrency in US says Circle CEO

The CEO of cryptocurrency trading and investment company Circle thinks that they should create more appropriate regulations as companies move overseas.

According to Bloomberg in an interview on July 31st, 2019, Jeremy Allaire stated on the ongoing situation of crypto market participants move towards abroad as a factor of more opportunity future regulatory policy in Washington.

Allaire's comment came after his testimonial on Tuesday highlighting the crypto and blockchain policy hearing, "As the increase in the growth of digital asset project outside the US,  now this is the time for companies to leave US and get their projects to start outside, this is getting people's attention." After a hold, he continues

"I think it is ultimately going to lead to, ultimately legislative initiatives to try and ensure that there are appropriate safeguards and investor protections but also clarity, which is much needed to allow the technology and industry to flourish."

According to the Cointelegraph reports, this recent hearing comes with a lot of reactions of lawmakers, to claim the bitcoin as a fund's global terrorism.

The latest official statement came on Tuesday by Senate Banking Committee Chairman Michael Crapo who suggested that the banning of decentralized cryptocurrency would be impossible for the government.

He  continued, "I m confident we couldn't succeed if the United States were decided that they didn't want cryptocurrency to be in the United States and tried to ban it."