Circle CEO Jeremy Allaire says that the cryptocurrency market will experience another FTX event in 2023. According to the experienced manager, we will continue to fight the wave of bankruptcy that has been affecting since May.
Jeremy Allaire says the market will see more bankruptcies in 2023
The CEO of Circle said on Tuesday that the crypto market will see more bankruptcies in 2023 as companies struggle in the early stages. However, as regulatory frameworks and rules progress, he remains optimistic about the technological advances in the market and the increase in crypto adoption adoption in 2023.
Allaire said at the World Economic Forum in Davos on January 16 that crypto bankruptcies will continue into 2023 as crypto companies and businesses struggle to raise capital or survive. There is a lot of uncertainty in the market right now. Still, Allaire remains optimistic about the crypto market in 2023 as regulations put cryptocurrencies to the fore.
According to Jeremy Allaire, 2023 will be shaped around Tier-1 Blockchain innovations, Tier-2 scaling solutions and new technologies for privacy, security and digital identity. The crypto market will continue its technological development without slowing down. Allaire talked about the release of the “State of the USDC Economy” report while discussing the impact of USDC on the economy and markets. The report discusses the future prospects of USD Coin (USDC) in the payments industry and as part of the M2 coin supply.
According to the report, Circle supports USDC in US dollars. 80% of reserves are held in quarterly US Treasury bonds and 20% in bank cash. Circle will transfer the reserves to the Circle Reserve Fund, 100% owned by Circle, managed by BlackRock and maintained by The Bank of New York Mellon, by the end of January.
2023 cryptocurrency regulations
To provide regulatory clarity for the crypto market, major markets like the US are working on legal definitions of cryptocurrencies. In 2023, the US Congress will sign agreements resolving the crypto authorization dispute between the SEC and the CFTC. On the other hand, the European Union will vote on the Crypto Asset Markets (MiCA) bill in April. But MiCA rules won’t go into effect until 2024, only to increase crypto adoption in the region. cryptocoin.com We have included the latest developments from MiCA in this article.
The Crypto Asset Markets (MiCA) regulation is a key licensing law proposed in 2020 by the European Commission (EC) focused on maintaining financial stability and protecting investors, while fostering more widespread transformation in the cryptocurrency sector in European Union (EU) countries. MiCA regulation voting, postponed since November 2022, is scheduled to take place in April 2023.
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