The CEO and co-founder of the payments technology Circle, Jeremy Allaire commented on the crypto executive order by President Biden.
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He finds that the step is a watershed moment in the industry as the government administration thus shows that it understands digital currencies are here to stay.
Allaire compares the current situation to 1996/1997 when the government changed its approach to the commercial internet.
Joe Biden signed the order on Match 9, calling for Federal agencies to examine the risks and benefits related to the sector. The document also encourages responsible innovation. It focuses on six main areas: consumer protection, financial stability, inclusion, illicit activity, competitiveness of the United States, and responsible innovation.
In an interview with Yahoo Finance, Jeremy Allaire said similar to the time in the 1990s when tech had a lot of excitement and entrepreneurship, along with a lot of questions related to regulations, now there are the same kinds of questions. According to him, the government's approach was the right sort of dialogue needed in crypto at present. Allaire mentioned that while the EO included research into CBDC, its main focus was growth in digital assets and stablecoins.