The CEO of the digital currency company Circle, Jeremy Allaire, said he is confident that the incoming Biden administration will support cryptocurrencies. Since the Biden administration said it would be focused on making the country more competitive by bringing in infrastructure changes, it would support cryptocurrencies because digital currencies are core building blocks in those changes, Allaire said in an interview with CNBC. Joe Biden’s administration has not made any particular policy about cryptocurrencies, but it is expected to favor the industry.
“Biden administration would support cryptocurrencies.”
Circle CEO said, “I think they will ultimately be supportive because of the big infrastructure change as big as the initial commercial internet. They (the upcoming administration) are going to be focused on infrastructure changes that will make America more competitive, and this is absolutely going to be a core building block of that.” There continue to be some misunderstandings about cryptocurrencies at both ends of the political spectrum, but some are now looking at the sector more constructively, Jeremy Allaire added. When asked how to differentiate Bitcoin from stablecoins, the Circle CEO defined the latter as a cryptocurrency with a value pegged to, for example, the U.S dollar, which was the case for USDC, Circle’s own stablecoin.
The crypto community expects better crypto regulations under the new administration.
The Democratic President of the US, Joe Biden, has not made his stance on cryptocurrencies clear so far, but it is expected that new regulations under his regime would be favorable. The current Republican President Donald Trump, who is the “lame duck” session, would not continue to the second after he lost the election. Current crypto regulations in the U.S are not very favorable for the industry, and the crypto community is expecting a change under the new presidency.