Internet Entrepreneur and CEO of digital payments company Circle, Jeremy Allaire expressed his optimism from the incoming US President Joe Biden to introduce long-awaited cryptocurrency regulations.

In an interview with CNBC, Allaire said: “Biden Administration will ultimately be supportive because this is an infrastructure change as big as the initial commercial Internet.” Allaire added that there are a lot of misconceptions related to cryptocurrencies among US political forces, but there are a few people who are contributing constructively to the development of the crypto sector.

Additionally, the Circle CEO outlined his views on central bank digital currencies (CBDCs) and said that central banks have fallen behind the private fintech platforms in the implementation of stablecoins in the existing financial structure.

“There’s tons of research by the government, but the real deal is happening with major private sector efforts, including public blockchains themselves,” Allaire tweeted.

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“The rise of crypto has brought policy and regulatory issues to the forefront and are going to become massively important very quickly. The departing administration and the incoming Democratic forces are both eager to leave their mark. The stakes are very high for society and the economy; the far-left wants to paint crypto as an anti-big tech and consumer protection issue, the far-right wants to paint crypto as a national security threat; the libertarians and moderates see the human economic potential,” Allaire mentioned in a series of tweets.

Regulatory Optimism

The Circle CEO is not the only person optimistic about the incoming Biden Administration. Earlier, Ripple CEO, Brad Garlinghouse said that the company has put relocation plans on hold to see a response from the new administration regarding cryptocurrency regulations. The current SEC Chairman, Jay Clayton has criticized digital assets during the last few years, but he expressed his intentions to retire by the end of 2020. A major regulatory administration change in 2021 is expected to bring much-needed cryptocurrency regulations.