Jeremy Allaire, co-founder of Circle, the company behind USDC, the world's second largest stablecoin, has advocated that issuers of stablecoins globally should be required to register with US authorities.
According to him, US lawmakers should impose mandatory registration of companies issuing stablecoins pegged to the US dollar, such as Circle's USD Coin, regardless of their physical location.
Allaire emphasized the importance of consumer protection, stating that issuers of USD-based stablecoins should not have a "free pass" to "ignore the US law and go do whatever the hell you want wherever and sell into the United States." During an interview with Bloomberg, he noted:
"Whether you are an offshore company or based in Hong Kong, if you want to offer your US dollar stablecoin in the US, you should need to register in the US just like we have to go register everywhere else."