Circle CEO Testifies At US Senate Committee

July 31, 2019 | 17 Comments

Circle CEO Jeremy Allaire appeared before the United States Senate Committee on Banking, Housing and Urban Affairs during a hearing titled, “Examining Regulatory Frameworks for Digital Currencies and Blockchain.”

Circle recently announced plans to launch a new subsidiary in Bermuda, and a statement from Circle said they are “excited to be opening a new office in Bermuda” and “plan to grow our Bermuda staff to more than 30 people during the next two years.”

In his opening statement before the Senate Committee, Mr. Allaire said, “In Circle’s case, we have begun the process of moving our international-facing products and services into a licensed Bermuda entity.

“Bermuda’s forward looking Digital Asset Business Act provides a comprehensive regulatory framework for companies offering this new type of financial service. We believe that the approach the Bermuda government has taken can and should be emulated by other countries.”

Mr Allaire’s opening ceremony follows below [PDF here]

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Comments (17)

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  1. Lol says:

    Nothing BUT SILENCE from the other side on this as usual. If this was an article on Arbitrade non stop comments. Something positive for Bermuda and SILENCE. Yea it’s clear what the OBA and their followers’ agenda is…

    • Question says:

      He expects to employ staff here in two years. That’s a bit like Ewart’s repeated promise that ground would be broken on the Grand Hyatt in November 2011.

      • Wrong says:

        Oh STFU! Nature of good business is to ramp up over time! Go back to your troll hole

        • question says:

          Burt has suckered you lot. Hook line and sinker.

        • 2woke says:

          STFU, you’ve never worked a day in your life. You know nothing about business. You got played by Arbitrade.

      • Lol says:

        Really? That’s the best trolling you can do? How bout the OBA’S promise of 2000 jobs? Where dey at?

      • Lol says:

        Where’s the 2000 jobs? Until you answer that you have no room to speak on this

        • question says:

          So where’s the Grand Hyatt? Where’s the Platinum Period? Why isn’t Arbitrade employing dozens of Bermudians?
          Why is Victoria Hall a crumbling mess?
          Where is Immigration Reform? Where are the new buses?
          Why has the island been overrun with rats?
          Why are our politicians all suddenly flying everywhere First Class?

          • just about right says:

            Where are our 2000 jobs. Your not going to keep deflecting from that. You all keep harboring over Arbitrade but fail to mention Bermuda didn’t lose anything dealing with them. But you don’t want to talk about the 18 ppl employed in Fintech so far 1 being made a CFO! but since you want to deflect what about Caroline Bay and the 160M that looks more than likely we will be footing the bill? or the fact that contractors have not been paid? how about the under the OBA 1800 jobs GONE!!! everyhting you stated has NO IMPACT ON THE ECONOMY not even immigration. That lie you all keep pushing about immigration has been debunked by other countries around the world like America KICKING PPL OUT BECAUSE IMMIGRANTS ARE DISPLACING AMERICANS IN THE WORKFORCE LIKE HOW YOU ALL WANT THEM TO DO TO (BLACK) BERMUDIANS HERE. You all complained about a bloated civil service then when Burch cuts back overtime on a number of things including trash collections to keep in restraints of the budget, all of a sudden now its a problem. How come everyone I know does’t have a rat problem with their trash? Maybe because they contain their trash better than most would want to admit. Arbitrade bought a building that the Bermuda Govt made about 4 million off of but you all are acting like we gave them the building. Victoria Hall was in that state UNDER THE OBA. YOU FORGOT THAT’S WHEN IT CLOSED DOWN UNDER THEM OR JUST CONVENIENTLY forget that as with the other crap the OBA done. You all want to criticize FINTECH but its actually creating PERMANENT JOBS for ppl and not one month’s worth of work.

        • 2woke says:

          Where’s the $800M? Until you answer that you have no room to speak on this!

          troll

          • just about right says:

            so you still telling that lie about 800M are you kidding me. Why dont you read what the COI said about that since your party hired them.

    • Toodle-oo says:

      *Something positive for Bermuda and SILENCE. Yea it’s clear what the OBA and their followers’ agenda is…*

      Kinda like what the PLP and its follower’s agenda was with the America’s Cup ?

      • 2woke says:

        “Kinda like what the PLP and its follower’s agenda was with the America’s Cup ?”

        They don’t know what hypocrisy means.

        • Toodle-oo says:

          In a nutshell , they don’t know what they don’t know . And it doesn’t get much worse than that.

          • Lol says:

            and i guess we have to depend on you HIGH LIE IQ types to tell us the truth in it? smh

        • Lol says:

          i know what hypocrisy means, it doesn’t mean that lie you commented on though.

      • Lol says:

        First of all I clearly remember the PLP stating they were going to give their full support of the event and they DID. as matter of fact the same organizations you all love to trash like the Unions, helped and support the America’s Cup. Nobody tried to sabotage nor did they decline to help. You cannot say with a straight face(even though we all know you OBA lot practice deception like a football game) that anyone tried to mess up ya sail boat event that only a few ppl benefited from. The problem the PLP and really THE MAJORITY OF BERMUDA HAS with the AC was that it was not a permanent solution to jobs and the economy. IN FACT we are stuck with the island they spent almost 40M (which they never included that in the report. Gee I wonder why *cough* 100Million spent for a sailboat race *cough*) for with no way of getting it back despite the OBJECTIONS from WEDCO prior to building it! so miss me with you lie about an agenda. Because if they truly did have an agenda the entire island could’ve got shut down like it did in January of 2015.

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