Circle CEO Jeremy Ellair believes that the stemloins should be supervised by a bank regulator, not the US Securities and Exchange Commission ( SEC ).
In an interview with Bloomberg, Jeremy Ellire ( Jeremy Allaire ) shared his views on the recent actions of SEC regarding Paxos, the issuer of BUSD's stabilization pool. The agency warned the company of its readiness to sue it, since listing BUSD could violate securities laws. Ellire believes that SEC's excessive attention to the stemclosures further inhibits the development of the crypt industry.
« Stableboards tied to the currencies, including the US dollar, can be used for payments and settlements. Given that the stemloins are associated with payment systems, these crypto assets should be controlled by a bank regulator, not SEC », — said Elleir.
The head of Circle noted that he generally supported the amendments to the rules on the caste storage of crypto assets proposed by SEC and implying additional requirements for accounting and reporting for investment consultants. Although this will greatly complicate the ability of exchanges to become a caste, said Ellair. According to him, the availability of qualified services for storing crypto assets, which can provide protection against bankruptcy — are very important components of a market structure.
Ellair supported SEC Commissioner Esther Pierce ( Hester Peirce ), which recently called on the US Congress to clarify the regulation of cryptocurrency. Many members of the cryptocurrency community believe that due to the lack of clear regulatory rules, SEC has taken the situation into its own hands. Therefore, Ellire also believes that it is time for the US Congress to engage in « cryptocurrency lawmaking ».
Last year, the founder of Circle said that the stemloins can become a model of hybrid digital currency compatible with the current financial system.
