The co-founder and the Chief Executive Officer of Circle, Jeremy Allaire, will give his testimony before the United States Congress soon. Allaire will be a representative of The Blockchain Association, which is a organization aiming to increase transparency, safety and trust through the Blockchain Network.

The CEO of Circle will testify in a hearing session named “Examination of Regulatory Frameworks for Cryptocurrency and The Blockchain Technology” before the United States Senate Committee on Banking, Housing and Urban Affairs.

On July 29 2019, Jeremy Allaire released his testimony, in which he stated that he was willing to talk about numerous issues concerning the crypto market. The topics include privacy, security, identity as well as both national and international regulations. In addition, he is willing to discuss the future of the blockchain network in the financial sector.

He also encourages the United States authorities to make specific laws regarding cryptocurrency. He claims that the Congress should establish cryptocurrency as an asset class creating rules and exemptions for it. To do this, regulations are required that will transform the United States financial sector. As a result of these regulations, the innovative technology of blockchain and cryptocurrency will experience further progress.

Allaire also said that if the US does not take appropriate actions, the country will most likely fall behind in the race for the new technology.