Circle chief urges not to imitate China on crypto regulation

The United States and other Western countries have two ways to respond to China’s actions regarding cryptocurrencies and blockchain: to imitate Beijing or to oppose it, in line with the values of the ‘open internet’. This was stated by Circle CEO Jeremy Allaire, urging the second option.

5/5 There are two modes of reacting to China in US. FOMO, envy and a belief that we should be more like them, given their ability to execute; vs a stoic / determined outlook that believes in the open internet. Be on the right side of history; embrace the open internet of value.

— Jeremy Allaire (@jerallaire) September 24, 2021

“In the West, a rules-based order, open and free markets, and democratic principles have provided a solid foundation for economic and governance systems. There is hope that they can be expanded by adopting open, public blockchains and digital assets,” he wrote.

According to Allaire, China is opposing the Western values reflected by a free internet — that is why the authorities in China “have always tried to control it.” The same values underpin cryptocurrencies and blockchain, he noted.

3/5 Crypto and blockchain is an absolute threat to systems that are built around total control, centralisation of power, elimination of privacy, etc. which side of this do we want to be on?

— Jeremy Allaire (@jerallaire) September 24, 2021

“Cryptocurrencies and blockchain pose a real threat to systems built on total control, centralisation of power, elimination of privacy, etc. Which side do we want to be on?”

— Circle chief said.

A similar view was voiced by US Republican Senator Pat Toomey. He said Beijing is so hostile to economic freedom that it restricts citizens’ access to “the most exciting financial innovation in decades.”

Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades. Economic liberty leads to faster growth, and ultimately, a higher standard of living for all.

— Senator Pat Toomey (@SenToomey) September 24, 2021

“Authoritarian suppression of cryptocurrency by China, including Bitcoin, is a major opportunity for the United States. It is also a reminder of our huge structural advantage over China,” Toomey wrote.

As reported on September 24, о признании незаконными на территории Китая операций с криптовалютами. Bitcoin fell below $42,000.