Jeremy Allaire, CEO and founder of digital currency company Circle, evaluated the impact of tensions between Russia and Ukraine on the cryptocurrency industry.
Speaking to Bloomberg, Jeremy Allaire said that Russia’s attack on Ukraine has exposed the cryptocurrency paradox for both crypto investors and regulators.
Stating that the situation in the market and cryptocurrencies caused by the tension between the two countries is similar to the early days of the internet, the famous CEO pointed out that during the conflicts, people were able to collect funds via the internet.
When Jeremy Allaire, co-founder of the payments and financial infrastructure company behind the USDC stablecoin, was asked whether it could be traced to whether Russian oligarchs are using USDC to evade economic sanctions imposed by countries, the famous CEO replied:
“We are able to monitor ‘high risk’ activities marked on exchanges. We may report suspicious activity to regulators, as this is also legally required.
As the USA does not know, we cannot know whether such a move was made by the Russian oligarchs. However, this has never happened before.”
*Not investment advice.