Jeremy Allaire on Why the US Government Needs a New Category for Digital Assets

Jeremy Allaire, cofounder and CEO of Circle, explains why the company has opened a new subsidiary in Bermuda, obtained a full Digital Assets Business Act license there and how it plans to create separate offerings for the US market vs. non-US. He discusses why Circle chose Bermuda out of the many jurisdictions that have created crypto-friendly regulations, why Circle believes the SEC's April guidance on digital assets expanded the scope on which digital assets are securities and why regulators should have a new definition for digital assets rather than putting them into existing categories like commodity, security, currency, etc. We cover how much of Poloniex's struggles have to do with restrictive regulations in the US vs. poor business choices on the exchange's part, and why some other US-based crypto exchanges are not having the same struggles. He also reveals what it is that he'll be telling the Senate next week when he testifies in a hearing on regulation for digital assets and blockchain technology.   Thank you to our sponsors! Crypto.com: https://crypto.com CipherTrace:  http://ciphertrace.com/unconfirmed Episode links: Circle: https://www.circle.com/en/ Poloniex: https://poloniex.com Jeremy Allaire: https://twitter.com/jerallaire  New Bermuda entity and license: https://medium.com/circle-blog/circle-expands-international-offerings-with-new-bermuda-operations-and-digital-assets-business-ff4509ed76b9 https://www.coindesk.com/circle-moves-non-us-poloniex-customers-to-new-bermuda-entity https://www.theblockcrypto.com/2019/07/22/circle-is-opening-up-shop-in-bermuda-seeking-clearer-regulatory-framework-and-it-could-be-its-last-hope/  BTC trade volume:  https://www.bitcointradevolume.com  Trollbox: https://medium.com/circle-trader/trollbox-is-back-a458e3ec58df  Next week's Senate hearing on crypto legislation: https://medium.com/circle-blog/circle-ceo-to-testify-before-senate-on-crypto-regulation-dbaeaeba3a3b https://www.banking.senate.gov/hearings/examining-regulatory-frameworks-for-digital-currencies-and-blockchain  The Bermuda rig: https://www.cntraveler.com/stories/2015-01-26/dress-code-how-to-wear-bermuda-shorts