In late 2022, Circle CEO Jeremy Allaire urged the US Congress to prioritize the creation of legislation for stablecoins.
He has reiterated this stance several times this year. However, Allaire now casts doubt on the likelihood of fiat-backed digital currencies being legalized by American authorities in the near future.
Circle is hoping for support from the Republican Party in Congress, as the Democrats are cautious about integrating stablecoins into the legal framework.
Allaire pointed out that the Federal Reserve is seeking to gain control over digital assets, but it is this agency that is placing hindrances and obstacles to the industry’s progress.