Following news from China Crypto Bank, Circle CEO Jeremy Allaire calls on West not to do the same

Jeremy Allaire, CEO and founder of Circle – a leading stablecoin provider that seeks to provide global payment rails for the future, has criticized China’s decision to ban cryptocurrency. In a series of tweets, Allaire said that China “opposes the Western system of values ​​based on openness, transparency, confidentiality, free market competition, etc.”

He added:

“In the West, a rules-based order based on open, free market and democratic principles has provided a very solid foundation for economic and governance systems, and has the best hope of being extended by adopting public blockchains. open and digital assets. . “

Allaire called on policymakers not to duplicate China’s regulatory actions.

Cryptoassets are going through a tough time. As China has banned crypto, regulatory drums are echoing in the United States as officials, elected and appointed, call for tighter regulations on digital assets – including stablecoins.

Circle sees its stablecoin offering as an update to existing payment rails and tries to counter aggressive political actions that could hamper its business. Circle is set to become a publicly traded company under a PSPC deal expected to be concluded later in 2021.