Circle CEO blames US crypto crackdown for declining USDC market cap By Cointelegraph

Circle CEO Jeremy Allaire says that a cryptocurrency crackdown by the United States regulators has been a major factor behind the declining market capitalization of its stablecoin, (USDC).

Circle chief’s comments on the U.S. crackdown come amid heavy regulatory scrutiny following the collapse of the FTX exchange, a banking crisis and USDC’s momentary depegging. During an interview with Bloomberg TV, Allaire noted that there is a “huge amount of concern globally about the U.S. banking system,” and the “regulatory environment in the U.S..”