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Circle CEO Calls Out "Please Regulate Us!" in Forbes Interview: Hopes U.S. Regulates Circle Like Banks

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Circle CEO Calls Out "Please Regulate Us!" in Forbes Interview: Hopes U.S. Regulates Circle Like Banks

Circle CEO Jeremy Allaire expressed in an interview with Forbes his hope for Circle to be regulated like a bank in the United States, so it won't have to rely on banks anymore. Circle's subsidiary in Singapore has already obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). "Please regulate us!" reads the cover of Forbes.

Circle Seeks U.S. Regulation

"Please Regulate Us!" This is how Forbes describes Circle on its cover.

Circle is actively involved in the proposed stablecoin legislation in the U.S., which aims to provide clear rules for stablecoins. Jeremy Allaire, the CEO of Circle, mentioned in an interview with Forbes that he is not worried about competition from banks.

With such legislation, we will eventually do more business with banks. Banks cannot participate because under current rules, banks cannot hold stablecoins on their balance sheets. Therefore, it will actually increase banks' adoption of USDC.

After the turmoil in March, Circle also moved its cash to Bank of New York Mellon, one of the largest custodian banks in the U.S., but what Allaire really wants is for Circle to be regulated like a bank so it doesn't have to rely on banks anymore.

Due to the unclear regulatory policies in the U.S., Circle is actively expanding overseas. Circle has obtained licenses in the UK, Bermuda, and Singapore, and has applied for regulatory approval in France.

CEO Jeremy Allaire pointed out that Circle is celebrating its 10th anniversary, making it relatively senior among cryptocurrency companies.

Circle CEO: Never Traded

I have never been involved in Bitcoin trading, or tried to replace the world's currencies. I have always been focused on how to integrate the existing system with this new system. I am focused on what we can build that actually drives possibilities for people in real-world finance.

It seems that Circle is very confident in its compliance, which is why they are asking the U.S. to quickly establish followable regulations. Otherwise, in an environment where enforcement is used instead of legislation, it is really hard for businesses not to try to escape to spread the risk.

Circle Receives MAS MPI Payment License

Circle announced in a press release that its Singapore subsidiary, Circle Internet Singapore Pte. Ltd., has been granted a major payment institution (MPI) license by the Monetary Authority of Singapore (MAS). With this license, Circle can provide digital payment token services through its various products and services, including allowing institutional clients to use Circle's USDC accounts, as well as cross-border remittance services and domestic remittance services.

Circle Singapore officially opened its office in May 2023. In February 2023, Circle Singapore partnered with Tribe, the country's first government-supported blockchain ecosystem builder, to launch a novel training and support program aimed at developing and enhancing the skills of Web3 developers in the region. Circle has identified Singapore as its main hub in Asia.