Jeremy Allaire, CEO and founder of Circle – a leading stablecoin provider that seeks to provide global payment rails for the future, has criticized China’s decision to ban cryptocurrency. In a series of Tweets, Allaire said that China “opposes the Western system of values built on openness, transparency, privacy, free-market competition and so forth.”
He added:
“In the west, a rules-based order, based on open, free-market and democratic principles has provided a very strong foundation for economic and governance systems, and have the best hope of being extended by embracing open, public blockchains and digital assets.”
Allaire called on policymakers to not replicate China’s regulatory actions.
Crypto-assets are going through a difficult period. While China has banned crypto, the regulatory drums are pounding in the United States as officials, both elected and appointed, are calling for greater regulation on digital assets – including stablecoins.
Circle views its stablecoin offering as more like an update to existing payment rails and is trying to counter aggressive policy actions that may stymie its business. Circle is expected to become a publicly-traded firm in a SPAC deal that should close later in 2021.
1/5 A message to US and Western Policymakers on how to think about China’s approach to crypto and blockchain. China opposes the Western system of values built on openness, transparency, privacy, free market competition and so forth.
— Jeremy Allaire (@jerallaire) September 24, 2021