Jeremy Allaire, CEO of digital currency firm Circle, says he believes the incoming Biden administration will be supportive of crypto and blockchain technology in the long run.
In a new interview with CNBC, Allaire compares crypto technology to the early days of the internet.
“I think 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 and this is absolutely going to be a core building block in that.”
In a recent tweetstorm, Allaire says the stakes are high, and cryptocurrencies are poised to be a key part of America’s growth if legislators and regulators get it right.
“Biden promises to govern from the middle, focus on rebuilding infrastructure, strengthening America’s role in the world. In the next four years, it’s THE time for decisive action on embracing public blockchains and crypto as the future of our economy.
The analogies to 1996 are significant – many in congress and existing regulators thought one should get an FCC license to have a website. Hawks sought to ban free use encryption tech (crypto) as a military tech. Open access to a global network was met with hysterics. Back then, monopoly media, communications and tech firms (ATT, TimeWarner, Microsoft) opposed the open internet, seeking to protect and build on their centralized platforms.
The advocates of an open internet, open access and free and fair competition, even with massive uncertainty of the scale and use-cases, led to breakthrough legislation – The Telecommunications Act of 1996. Net Neutrality was born, open protocols, open-source software, and the decentralized internet was allowed to grow and flourish in America and globally. The big monopoly players saw their business models disrupted, and we saw 100x improvements in so many dimensions of how the world works.
Those of us who joined crypto because we believe that it could do for the economic system what the early internet did for information and communications need to be ready, because the shit is about to get real.
There’s a real chance to work with the left-middle and right-middle to forge a path, and make open access and use crypto and blockchain a core part of America’s growth strategy for the next decade.”
Featured Image: Shutterstock/Tithi Luadthong