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Circle CEO Jeremy Allaire believes the adoption of the new cryptocurrency guidance for United States banking institutions is an important milestone in the development of the crypto market
Allaire points to a regulation that regulates banks' rights to use stablecoins. It was developed by the OCC regulator and published by the Financial Markets Working Group.
The document regulates the issue of stablecoins pegged to the dollar. Since their emission and operation must be coordinated with a number of requirements, the issue of this manual clarifies a lot.
A guideline published by the OCC indicates that US banks can build a payment infrastructure using stablecoins. It can be similar to ACH, Swift, Debit Network Rails, or another payment network.
The document also provides a classification of stablecoins and their interpretation as a digital carrier of value. Thanks to this prospects for the implementation of blockchains and integration into the financial system open up for banks.
For the crypto market, this will mean that Bitcoin, Ethereum and other public blockchain platforms can find active use in the US financial system.
Jeremy Allaire believes that is why there was such a violent market reaction. After all, now banks have something to rely on when working with cryptocurrencies. But the best, as they say, is yet to come!