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Jeremy Allaire, CEO of Circle, the issuer of USDC, the second-largest stablecoin in the market, has shared his skepticism about the passing of a stablecoin law anytime soon. On Laura Shin’s podcast, Unchained, Allaire explained that, while there is a consensus about the importance of regulating stablecoins in the U.S., he doesn’t believe that the recently advanced ‘Clarity for Payment Stablecoins Act’ will be signed into law.
Circle CEO Jeremy Allaire Skeptical About the ‘Clarity for Payment Stablecoins Act’
Jeremy Allaire, CEO of stablecoin company Circle, is skeptical about the possibility of the recently advanced Clarity for Payment Stablecoins Act being passed into law. On Unchained, Laura Shin’s cryptocurrency podcast, Allaire stated that, while there has been a consensus around the need for stablecoin regulation in the country, he doesn’t think this legislation will pass.
The reason behind his opinion lies in the lack of definition of key subjects in the bill that, according to Allaire, needs to be resolved. Allaire declared:
A lot of this has to do with how much of a role the Federal Reserve plays in not setting the standards … does the Fed get to veto who receives a stablecoin license?

Federal vs. State
Another of the subjects that Allaire believes will slow down or even stop the progress of the Clarity for Payment Stablecoins Act has to do with the involvement of the Federal Reserve in stablecoin affairs.
Allaire explained it is unclear if the Federal Reserve will have any faculties related to licenses issued by states for stablecoins companies. He stressed:
Does the Fed have any supervision if a state like New York issues a stablecoin charter to someone — does the Fed have any joint or supervisory role? It’s kind of technocratic but it is actually really important stuff that has to do with state rights and federal rights and the balance of power.
However, Allaire highlighted several advantages of the act, saying its approval would establish a clear pathway for bank and non-bank stablecoin issuers, being very specific about reserves, transparency, and risk management.
For Allaire, the Clarity for Payment Stablecoins Act “effectively creates legal certainty that a dollar stablecoin is a part of the global and U.S. financial system,” unlocking massive mainstream usage of these tools.
What do you think about Allaire’s thoughts on the Clarity for Payment Stablecoins Act? Tell us in the comments section below.


Jeremy Allaire, CEO of Circle, the issuer of USDC, the second-largest stablecoin in the market, has shared his skepticism about the passing of a stablecoin law anytime soon. On Laura Shin&#8217;s podcast, Unchained, Allaire explained that, while there is a consensus about the importance of regula...

news.bitcoin.com

Circle CEO Jeremy Allaire: Stablecoin Bill Unlikely to Be Signed Into Law

The second-largest stablecoin by market cap, USD Coin (USDC), is now available natively on the Ethereum (ETH) competitor NEAR Protocol (NEAR).
In addition to NEAR, USDC is also available natively on Algorand (ALGO), Arbitrum ( ARB), Avalanche (AVAX), Base, Ethereum, Flow, Hedera (HBAR), Noble, Optimism (OP), Solana (SOL), Stellar (XLM), and Tron (TRX).

Explains USDC’s issuer Circle,
“Developers can now take advantage of the speed and scalability of the NEAR blockchain to build fast, user-friendly apps with USDC and coded in popular programming languages like JavaScript and Rust.”
Top US crypto exchange Coinbase and Circle co-created USDC in 2018 and jointly managed the asset, which aims to maintain a peg to the US dollar, through the Centre Consortium until last month.
In August, Coinbase Chief Executive Brian Armstrong and Circle CEO Jeremy Allaire said that Circle would bring all of USDC’s governance and operations responsibilities in-house. The CEOs also noted that Coinbase planned to purchase an equity stake in Circle.
NEAR is trading at $1.10 at time of writing. The 42nd-ranked crypto asset by market cap is up more than 1.6% in the past 24 hours.
NEAR Protocol says it’s focused on scalability and stability. The project aims to allow developers to build decentralized applications at low cost.
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The post Second-Largest Stablecoin USDC Launches on Ethereum (ETH) Competitor NEAR Protocol (NEAR) appeared first on The Daily Hodl.


The second-largest stablecoin by market cap, USD Coin (USDC), is now available natively on the Ethereum (ETH) competitor NEAR Protocol (NEAR). In addition to NEAR, USDC is also available natively on Algorand (ALGO), Arbitrum ( ARB), Avalanche (AVAX), Base, Ethereum, Flow, Hedera (HBAR), Noble, Op...

dailyhodl.com

Second-Largest Stablecoin USDC Launches on Ethereum (ETH) Competitor NEAR Protocol (NEAR)

US Dollar Coin (USDC) stablecoin issuer Circle is responding to proposed changes to the European Union’s (EU) financial crime policies, which would impact crypto companies.
In May, the European Banking Authority (EBA) launched a public consultation on amendments that would extend the scope of EU’s guidelines on money laundering and terrorist financing (ML/TF) risk factors to crypto asset service providers (CASPs).

The proposed amendments seek to provide standards that will enable crypto asset service providers to effectively identify and mitigate money laundering and terrorist financing activities.
The financial watchdog also introduces sector-specific guidance, citing that CASPs may have increased risks to financial crimes because of the use of innovative technologies, and instant transfers of crypto assets and services with privacy-enhancing features.
In a statement, Circle says it welcomes the guidelines, but raises concerns on three issues.
The firm says the use of the term “providers of services in the crypto-assets ecosystem” in the proposal lacks clarity. The stablecoin issuer suggests that the EBA instead use the term “crypto-asset service provider” already defined in the EU’s Markets in Crypto-Assets Regulation (MiCA) law.
“The broad terminology used could unintentionally include providers of technology and ancillary services, such as blockchain analytics, web infrastructure, etc. Such entities are not involved in, and have no control over the flow of crypto-assets, thus presenting a limited risk of money laundering and terrorist financing.”
Circle also says the use of technology does not necessarily affect ML/TF risks.
“CASPs that facilitate  transfers to and from self-hosted wallets should not be designated higher-risk entities under the guidelines.”
The stablecoin issuer says the guidelines should not cover EU firms that are exempt from the regulatory scope of the  MiCA.
“The fact that they are left out of EU regulations indicates that they do not warrant financial, prudential and AML regulation in the EU and should therefore not be subject to these EBA guidelines.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post USDC Issuer Circle Responds to EU’s Proposal To Expand Crypto Regulatory Oversight appeared first on The Daily Hodl.


US Dollar Coin (USDC) stablecoin issuer Circle is responding to proposed changes to the European Union’s (EU) financial crime policies, which would impact crypto companies. In May, the European Banking Authority (EBA) launched a public consultation on amendments that would extend the scope of EU’...

USDC Issuer Circle Responds to EU’s Proposal To Expand Crypto Regulatory Oversight

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Worldcoin reaches record verifications in Argentina, Circle partners with Mercado Pago to bring USDC to Chile, and Binance launches a Latam-focused remittance solution.
Worldcoin Reaches Record Verifications in Argentina
Worldcoin, the biometric ID and digital wallet project, has recently announced it reached a record in daily verifications in Argentina. In a press release, Worldcoin reported that due to the high demand for the project, they had reached 9.5k verifications in a single day in August. Worldcoin achieved this milestone with only four verification stations located in four different cities of the country.
Alex Blania, one of the co-founders of the Worldcoin project, detailed this was possible in Argentina because it was “one of the most crypto-forward countries in the world.” He said he considered it an “explosive building ground” for crypto innovation.
However, the Argentine data regulation has an ongoing probe against Worldcoin, inquiring about how the project uses the biometric data of Argentine citizens and the procedures it follows to safeguard the confidentiality of this personal information.
Circle Teams up With Mercado Pago to Bring USDC to Chilean Customers
Circle, the stablecoin company, has partnered with Mercado Pago, the digital wallet of the e-tailer giant Mercado Libre, to list its USDC stablecoin on the platform. The partnership allows Chilean customers of the company to access a dollar-pegged stablecoin in the wallet’s platform, opening savings and hedging opportunities to two million customers.
Matías Spagui, Senior Director of Mercado Pago, stressed that the partnership seeks to diversify access to cryptocurrencies for the platform customers and allow its users to have an alternative currency that matches the value of the U.S. dollar.

Binance Launches “Send Cash” Remittance Solution
Binance announced the launch of “Send Cash,” a Latam-focused remittance solution that seeks to ease the process of transferring funds directly to bank accounts in Argentina and Colombia using crypto.
Users from 9 countries of the region, including Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, and Mexico, can now make remittances to friends and family, avoiding using third parties to exchange crypto for fiat currency and opening the door for less crypto savvy users take advantage of these technologies.
About this development, Min Lin, Regional VP for Latin America at Binance, declared:

This is another step forward for Binance, which renews its commitment to the crypto industry in Latin America, to the expansion of the benefits it offers in terms of financial inclusion, and to developing new ways of using crypto in everyday life.

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What do you think about this week’s Latam Insights report? Tell us in the comment section below.


Welcome to Latam Insights, a compendium of Latin America&#8217;s most relevant crypto and economic news during the last week. In this issue: Worldcoin reaches record verifications in Argentina, Circle partners with Mercado Pago to bring USDC to Chile, and Binance launches a Latam-focused remittan...

USDC price	$0.999938
Low - High 24H	$0.999322 - $1.00
Market cap	$25.77B
Volume 24H	$1.79B
All time high	$1.17 -14.75% May 8th 2019
All time low	$0.877647 13.91% March 11th 2023
Genesis date	N/A

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