Jeremy Allaire, co-founder of the company Circle, responsible for the world's second-largest stablecoin, has called for mandatory registration of all US dollar-denominated stablecoin issuers, regardless of their location.
Registration Requirement for Issuers
Jeremy Allaire, co-founder of Circle, stated that stablecoin issuers worldwide should register with US authorities, even if they are physically located outside the US.
Arguments for Mandatory Registration
Allaire argued that his position is based on the need for consumer protection. He believes that stablecoin issuers should not evade US law by offering their services abroad.
Context of US Legislative Initiatives
Allaire's comments come shortly after the publication of a draft bill in the US Congress that establishes a regulatory framework for dollar-backed stablecoins. The Trump administration has declared its intention to regulate and integrate stablecoins into the US economy to strengthen the dominance of the dollar.
The concept of mandatory registration of stablecoin issuers in the US highlights the intention to strengthen the regulation of digital currencies and ensure a high level of consumer protection in the cryptocurrency sphere.
