CEO of Circle Urges Regulators to Coordinate Their Efforts on Crypto Regulations
Oct 24, 2018, 1:40pm
Jeremy Allaire, CEO of Circle, wants global regulators to band together to create "normalized" crypto regulations sooner rather than later.
Jeremy Allaire, the CEO of “Circle,” a crypto-investment application suite, is publicly urging global regulators to develop a coordinated legal framework for the cryptocurrency industry. Allaire’s commentary comes on the heels of a recent decision made by the Financial Action Task Force (FATF) requiring global regulators to license and regulate crypto-related businesses such as exchanges and peer-to-peer payment networks.
In a recent interview with Reuters, Allaire suggests major financial jurisdictions should band together to “normalize” crypto-regulations, drawing specific attention to the continued ambiguity surrounding ICOs (Initial Coin Offerings),
Ultimately there needs to be normalization at the G20 level of critical crypto-related regulatory matters […] When it comes to token offerings, how should they be treated? Which token offerings are securities, which are not? […] The trading venues – are they like spot commodity markets that need to have rules in place around market manipulation? / Jeremy Allaire, CEO of Circle, Reuters Interview
Allaire’s calls for action come at a time when most nations are still unable to even define digital assets and blockchain technologies, let alone coordinate their efforts to form a global regulatory framework. The Cyberspace Administration of China is only now proposing a set of rules to manage Blockchain Information Services, some 5 years behind the development of the sector within China. In the UK, the United Kingdom’s Treasury Committee has published a report on crypto assets, calling for immediate action and regulation for the crypto industry in the UK, but no official rules have been drafted as a result. On the global scale, the G20 has been slow to settle on a set of regulations for cryptocurrencies, pushing back deadlines throughout 2018 as the group’s policymakers continue to fall short of succinct guidelines for the industry.
