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Circle CEO Says Biden Administration Will ‘Ultimately’ Support Crypto

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by Ibukun Ogundare · 3 min read
Circle CEO Says Biden Administration Will ‘Ultimately’ Support Crypto

Circle CEO Jeremy Allaire said that the creation of a central bank digital currency (CBDC) would not crowd out stablecoin.

Circle CEO Jeremy Allaire is optimistic that the incoming Biden administration will support the crypto industry in the US. On the 7th of December, Allaire expressed his belief in the incoming administration to regulate the crypto space. 

Circle CEO expressed his confidence in the Biden government in an interview on CNBC’s Squawk Box. In response to what he thinks of the incoming government in relation to crypto regulations, Allaire said:

“I believe they [Biden administration] will be ultimately supportive because this is an infrastructure change as big as the initial commercial internet and they’re going to be focused on infrastructure changes that make America more competitive. And this is absolutely going to be a core building block in that.”

Circle CEO Trusts Biden Administration to Support Crypto

Notably, crypto blockchains in the US have been facing challenges with the regulatory framework. As a result of unfavorable regulatory frameworks, Ripple said the blockchain firm may relocate outside the US. In October, Ripple mentioned that the blockchain company may most likely relocate to Japan amid poor regulations by the US government, particularly the Securities and Exchange Commission (SEC). While revealing the relocation plans, Ripple CEO Brad Garlinghouse also said that the US government is yet to conclude whether cryptocurrencies are commodities, properties, currencies, or securities. 

However, Coinspeaker recently reported that the blockchain is pausing its relocation plans as it looks forward to favorable crypto regulations by the Biden administrations. 

In addition, Allaire said that the creation of a central bank digital currency (CBDC) would not crowd out stablecoin. He added that leading companies in the private sector, such as Coinbase and major firms like Visa Inc (NYSE: V) are making efforts to innovate how “money moves around the world.”

Circle Partners with Visa on Circle Visa Corporate Card

On the 3rd of December, Circle announced its partnership with Visa on USD Coin (USDC) currency corporate card. The announcement revealed that Circle’s partnership with Fintech Fast Track Program would enable businesses to spend USDC using Visa corporate cards.

 Currently, Visa is down 0.09% and trading at $212.45 in after-trading hours. Visa added 16.25% over the past year and has grown 13.71% since the beginning of 2020. Also, V increased by 3.90% over the last three months. Despite recent gains in the past months, Visa has declined about 0.01% in the last one month. Also, the company dropped further by 1.09% in the last five days. 

Amid the US government’s uncertain regulations, Ripple has set up a new regional headquarter in Dubai. The Dubai International Financial Center (DIFC) announced the development on the 7th of November. Ripple added that the new DIFC headquarters would serve the Middle East and North Africa (MENA). 

Ripple further said that the blockchain company chose DIFC because of its “expansive network” and innovative regulations.”

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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