Circle CEO: Crypto Market Needs Comprehensible Regulation
Jeremy Allaire, CEO of the Circle, believes the biggest obstacle to the development of crypto industry is the lack of clear regulation. Without it, crypto business couldn’t develop properly.
The Circle is one of the most notable crypto startups in the crypto industry. Among its founders are “monsters” like Goldman Sachs. Circle CEO held a Q&A session on the social network Reddit, where he shared his vision on market condition and its perspectives.
According to Jeremy Allaire, the most relevant and urgent problem today is the lack of precise SEC regulations regarding the classification of crypto assets. The crypto community often defines these assets as currencies and commodities, but the SEC identifies them as “securities”. Therefore, until the regulator releases clear and understandable rules, the crypto market cannot develop normally.
Regarding taxation, Jeremy Allaire is confident that it should be determined depending on the crypto asset itself.