Jeremy Allaire’s Circle Lays Off 10% of Staff amid Prickly US Regulation
The Circle CEO cited an increasingly burdensome regulatory environment in the U.S. as part of the impetus for laying off 30 employees. | World Economic Forum/YouTube
By CCN: Bitcoin has been booming lately, but Circle, the parent company of crypto exchange Poloniex, announced yesterday afternoon that about 30 employees are leaving as part of “organizational changes.” Circle CEO Jeremy Allaire cited an increasingly burdensome regulatory environment in the United States as part of the impetus for the move.
Today we made organizational changes at Circle and eliminated approximately 30 positions, which is about 10% of our employees. We made these changes in response to new market conditions, most importantly, an increasingly restrictive regulatory climate in the United States.
— Jeremy Allaire (@jerallaire) May 21, 2019
Circle: Regulations Are Strangling U.S. Crypto Industry
The announcement follows a blog post by Jeremy Allaire in which he decries the regulatory situation for cryptocurrency in the United States. The Circle CEO wrote:
“Innovators, including those working around the clock at Circle and many other companies in the U.S. and abroad, have continued to transform what’s possible with crypto and blockchain technologies. Unfortunately, regulation has failed to keep up. […] [L]awmakers who take the time to learn about crypto and blockchain technology recognize its economic potential. […] [I]nnovation happens quickly and global competition is fierce. We urge lawmakers to recognize the unparalleled economic power that permissionless innovation has unleashed and to act to let crypto and blockchain technologies flourish. We know lawmakers want to support economic growth and want them to cease the opportunity to lead the charge.”
The Trump Administration,