Biden team will boost crypto’s role in US infrastructure, says Circle CEO Allaire

One of the leaders in U.S. crypto is optimistic that the space will grow under a Biden administration governing from the middle. 

Jeremy Allaire, the CEO of Circle, took to CNBC’s Squawk Box on Monday to argue that a Biden administration will push crypto forward as part of a broad effort to update infrastructure:

“I think that they will ultimately be supportive because this is an infrastructure change as big as the initial commercial internet, and they’re going to be focused on infrastructure changes that make America more competitive.”

Overall, moderate politics benefits crypto, Allaire reasoned: “You’ve got moderates, both on the left and the right who I think see this constructively.”

Allaire’s comments follow a twitter thread on Sunday that included similar comments about partisan division:

On Squawk Box today, Allaire referenced in particular concerns that the left wing in the U.S. had taken a hard line against new financial tools, especially stablecoins: 

“You have on the very liberal end of the spectrum a view that somehow this is not good for individuals who have less access to the financial system, when in fact the opposite is the case, that this technology — in particular stablecoins — hold promise of opening up and widening access to the financial system more deeply than the existing banking system.”

These comments are likely in reference to a bill introduced last week that would outlaw all stablecoins that do not file the same registrations as traditional banks, including Circle’s own USDC.

In response to a question as to whether recent moves against stablecoins were linked to proposals for the Federal Reserve to issue its own central bank digital currency, Allaire countered that private firms are just much further ahead.