SEC Shouldn’t Regulate Stablecoins, Says Circle CEO
Circle CEO Jeremy Aliyer has responded to the latest wave of legal action taken by the US Securities and Exchange Commission (SEC) and other agencies against the crypto industry.
In an interview with Bloomberg, the Head of Circle shared his views on the SEC’s recent moves on stablecoin issuer BUSD from Paxos.
Boston-based Circle is the issuer of the second largest stablecoin, the USD Coin (USDC), which has more than $42 billion in circulation.
In the interview, the head of Circle suggested that stablecoins pegged to the US dollar should be supervised by a banking regulator.
During the interview, the CEO of Circle stated that the SEC has no business with stablecoins.
According to him, stablecoins are a payment system and should fall under the regulatory jurisdiction of the banking regulator and not the SEC.
The CEO of Circle seems unhappy with the SEC’s recent moves on stablecoins.
Although the CEO was against the SEC’s move against stablecoins, he told the SEC that the SEC is pragmatic in one thing, as Jeremy applauded the SEC’s recent proposal for a cryptocurrency custody to simplify exchanges for cryptocurrencies. They want to be honest.
The Circle chairman’s views align with many others who have reacted to the SEC’s recent actions on the cryptocurrency industry.
Given the lack of legislation to regulate cryptocurrencies, many believe that the SEC needs to consult Congress before taking matters into its own hands regarding regulating cryptocurrencies.
