ndirector of Circle Jeremy Alleyr recently said that the U.S. government is dragging its feet on the issue of legalization of stablecoins.
Late last year, he urged the country’s leadership to develop legislation to regulate transactions with dollar-backed digital currencies.
The indecisiveness of the U.S. authorities leads to the fact that issuers of stablecoins are beginning to leave for other jurisdictions. Countries in Asia and the Middle East are becoming centers of development of the blockchain industry. This is where cryptocurrency companies are moving to.
In this situation, the United States is gradually losing tools to control stablcoins, according to the Chainalysis report. Since mid-2022, capital in digital currencies is gradually moving to exchanges registered outside the country.
Now, more than half of transactions involving stablecoins are carried out on platforms that US regulators are unable to control, the company’s analysts emphasized.
Chainalysis does not rule out that in the coming years, supervisory authorities will almost completely lose control over fiat-backed digital assets. It can only be preserved by legalizing the industry so that investors and trading platforms do not leave the U.S. jurisdiction.