The cryptocurrency market is worth over $1.5 trillion, and Circle’s CEO believes it has become too big to ignore.
Jeremy Allaire, the CEO of cryptocurrency company Circle, has stated that the cryptocurrency market is just getting started.
According to the Circle exec, the crypto market is too big to ignore at the moment. He stated that;
“Cryptocurrency is definitely is here to stay. I think that the debate has really evolved from one of intense skepticism, “This is all just a bunch of crap,” to “There's a real potential there.” This is a really meaningful set of innovations, and there's a lot of important value that can be created from it. Let's think about this from a national competitiveness perspective. Let's think about this from an industrial policy perspective.”
Allaire added that regulators are struggling to cope with the speed at which the cryptocurrency market is evolving. He added that;
“It's an exciting evolution to the policy dialogue. It’s very healthy. And I think that probably the biggest challenge facing regulators and policymakers is, first of all, the pace and the velocity of this is intense. I've been in the internet industry for 30 years. This is like super high velocity. And [it] inherently makes regulators uncomfortable because money is a serious thing.”
The Circle CEO pointed out that regulators are worried because, for the first time, the internet is colluding to change how the financial markets operate.
Most of the rules guiding the other financial markets can’t apply to cryptocurrencies due to their unique nature. Allaire said;
“And now blockchain, crypto finance, digital currency are essentially the internet finally colliding with the financial system. There's a huge challenge there. A lot of the rules that were written and a lot of the regulations that exist were highly incremental relative to the way that the financial-economic system worked in fairly tightly controlled, privately controlled infrastructures.”
The cryptocurrency market has gained massive adoption over the past few years, and an increasing number of countries are looking to regulate the space.