CircleCEO Jeremy Alisle said Tuesday that as the company struggles again at an early stage, there will be a large number of bankruptcies in the password market in 2023. However, he remains optimistic about technological trends in the market and the rise in password adoption in 2023 because of advances at the regulatory framework and standards level.
During the Davos Forum in Davos, CircleCEO Jeremy Alisle made it clear on January 16th that with encryption companies unable to raise money or survive, encryption proliferation would continue to harm the encryption market in 2023.
In his view, stricter inspections from regulators and law enforcement agencies have brought more tests to some participants and could create a dilemma for the password market. However, he remains optimistic about the password market in 2023, as regulators position encrypted money in a key position.
Although it will take some time to control the password market, the password market will learn to distinguish between good players and bad players.
Jeremy Allaire affirms that 2023 is undoubtedly an innovation related to layer 1 blockchain technology, layer 2 extension solutions and new technologies for personal privacy, security and identity verification. Technological innovation in the password market is not easy to slow down.
In assessing the impact of USDC on the economy and markets, Allaire referred to the publication of the "State of the economy" report. The report describes the development prospects of US gold coins (USDC) in third-party payments and will become part of the M2 money supply in the near future.
According to the report, Circle applies to USDC as dollar assets, with 80 per cent of its reserves held in three-month Treasuries and 20 per cent in cash from financial institutions. By the end of January, Circle transferred the risk reserve to Circle Reserve Fund,Circle owned by Circle, managed by BlackRock and managed by Bank of New York Mellon.
Key markets such as the United States must define the rules of digital currency to give clarity to the regulation of the password market. The U.S. House of Representatives will re-sign several types of digital currency laws in 2023 to deal with the dispute over encrypted territorial jurisdiction between SEC and CFTC.
In addition, EU countries will make a final decision on the encrypted property Market (MICA) decree in April. However, the MICA standard will not take effect until 2024, but it will increase password adoption in the region.
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