Circle CEO: The US is likely to pass a stablecoin law, currently unable to disclose IPO plans

Circle CEO Jeremy Allaire interviewed by CNBC mentioned the possibility of the United States passing a stablecoin bill, but declined to disclose any IPO-related plans.

Circle CEO: The U.S. Likely to Pass Stablecoin Legislation This Year

Circle CEO Jeremy Allaire recently participated in an interview with CNBC during the World Economic Forum (WEF) in Switzerland, where he stated that global crypto regulations are accelerating and the U.S. is more likely than ever to approve stablecoin legislation:

Digital dollars are being developed globally, and governments in other countries are already regulating stablecoins tied to the U.S. dollar ahead of the U.S. I think there will be a strong desire from lawmakers to act to maintain U.S. leadership, take appropriate consumer protection measures, and I think this will be a shared vision of the government, Treasury, the Fed, Congress, and both parties.

Highly Volatile Cryptocurrencies Used for Illegal Activities, Not Stablecoins?

Circle's Chief Strategy Officer, Dante Disparte, also agrees with Allaire's view that stablecoin legislation will be introduced in the U.S. by 2024.

Disparte also distinguishes stablecoins from other cryptocurrencies:

Stablecoins provide more legitimate use cases for daily transactions, while other highly volatile cryptocurrencies are closely associated with illegal activities, which may prompt U.S. lawmakers to enact stablecoin legislation.

He cited two cases from last year to emphasize his point:

• Ongoing Israel-Palestine conflict, where Binance collaborated with Israel to freeze Hamas accounts to cut off their funding

• Blockchain analytics firm Elliptic: Chinese pharmaceutical companies accepting cryptocurrency to facilitate illegal drug exports to the U.S.

Jeremy Allaire and Dante Disparte did not specifically mention the "Stablecoin Clarity Act." Previously reported, due to the imminent departure of Patrick McHenry, Chairman of the House Financial Services Committee, he is expected to push for the "Crypto Market Structure Bill" during his tenure, with the stablecoin legislation as a backup plan if it does not pass.

Declining to Disclose IPO Plans, Stating Stablecoins as Killer App

During the same week the SEC approved 11 Bitcoin spot ETFs, Circle submitted a confidential S-1 listing application to the SEC, marking Circle's second attempt to go public.

When asked if Circle's timing for going public was in response to the SEC's positive stance on ETF approvals, Jeremy Allaire stated that he could not comment on it due to regulatory restrictions.

He concluded by emphasizing that stablecoins remain the killer app in the blockchain space, with global adoption continuing to rise.

Reuters: USDC Issuer Circle Quietly Files for U.S. IPO