The crypto-currency market is worth more than $1.5 trillion, and Circle’s CEO believes it has become too big to ignore.
Jeremy Allaire, CEO of crypto-currency company Circle, said the crypto-currency market is just getting started.
According to the Circle executive, the crypto market is too big to ignore at this point. He stated that;
“Crypto-currency is definitely here to stay. I think the debate has really evolved from intense skepticism, ‘It’s just a bunch of bullshit,’ to ‘There’s real potential there.’ This is a really significant set of innovations, and there’s a lot of significant value that can be created from it. Let’s think about it from a national competitiveness perspective. Let’s think about it from an industrial policy perspective.
Allaire added that regulators are struggling to keep up with the speed at which the crypto-currency market is evolving. He added that;
“It’s an exciting evolution of policy dialogue. It’s very healthy. And I think probably the biggest challenge facing regulators and policymakers is, first of all, the pace and speed of it all. I’ve been in the internet industry for 30 years. It’s like a super high speed. And [it] inherently makes regulators uncomfortable because money is a serious thing.
Circle’s CEO noted that regulators are worried because, for the first time, the Internet is colluding to change the way financial markets work.
Most of the rules governing other financial markets can’t apply to crypto-currencies because of their unique nature. says Allaire;
“And now blockchain, cryptofinance, digital currency, it’s essentially the Internet finally colliding with the financial system. There’s a huge challenge there. A lot of the rules that have been written and a lot of the regulations that exist were very progressive in terms of how the economic and financial system operated in fairly tightly controlled and privately controlled infrastructures.
The crypto-currency market has been adopted massively over the last few years and a growing number of countries are looking to regulate the space.