A halt in the development of the controversial Libra stablecoin was called by Democrats from the U.S. House of Representatives due to the concerns relating to Facebook’s past records with privacy and protection related to its users. In the past, the community witnessed one of the largest crypto exchange Binance edging with Facebook’s upcoming roll-out. In the latest development, Circle CEO, Jeremy Allaire, has come out in support of Libra.
In the recent edition of “Squawk Box”, Allaire stated,
“This is an issue that’s been on the sidelines from a regulatory perspective; central bankers, treasury officials, others around the world have been largely dismissive of it for a number of years.”
The CEO believes that while it is “outstanding to have national scale policy attention on the crypto space”, his piece of advice for Rep Maxine Walters was,
“I would be telling Maxine, is you need to listen and learn because the technology is moving at an incredible pace. It’s not just an experimental project in the early, nascent stages and a white page from Facebook. Globally, tens of thousands of engineers are building things, constantly — there’s no stopping that, it’s growing and continuing to grow. So I would say right now it’s a time for policymakers to learn because this is a major breakthrough in the global economy.”
He also believes that crypto is here to stay and is going to play an essential role in the evolution of the economic system. The world is heading towards, as Allaire noted, a digital-based economy.
Responding to the popular Shark Tank’s Kevin O’Leary remark that “crypto is a rogue currency”, the CEO stated that crypto is not just a mere currency but a”fundamentally new infrastructure” and called it a “megatrend” which, according to Allaire, is “larger than the web”. He believes that soon cryptocurrencies would be the foundation of almost every transaction and asset traded globally.