Circle CEO Jeremy Allaire expects new US rules for stablecoin issuers in 2024. He made this prediction during the World Economic Forum. Allaire emphasized the worldwide push for stronger crypto industry regulation. Stablecoins, a $135.3B unregulated industry, enable consumers to quickly convert between crypto and regular currencies.
Because of the US administration's and Federal Reserve's desire for regulatory developments, Allaire expects a stablecoin bill will be approved in 2024. Other countries throughout the world are already regulating digital currencies and establishing their leadership, fueling his hope.
The Clarity for Payment Stablecoins Act, which aims to regulate stablecoins in the same way that traditional finance is regulated, is now being considered in the House of Representatives after being cleared by the House Financial Services Committee in 2023. Circle has filed a private S-1 registration with the US Securities and Exchange Commission as it prepares for a public listing.
Allaire envisions stablecoins as the blockchain's "killer app" with expanding global adoption. Circle's strategy officer, Dante Disparte, echoed Allaire's prediction. Disparte claimed that the legislation might reduce illicit bitcoin use.
