Even though Bitcoin has been on the rise over the past month, seeing the leading cryptocurrency surge past $8k for a short time, the parent company of Poloniex has announced that thirty employees will be leaving as a part of “organizational changes.”
Jeremy Allaire, the CEO of Circle, cited an increasingly burdensome regulatory environment in the United States as the reason for these ‘changes’.
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
This announcement follows a blog post by Jeremy Allaire where he decries the regulatory situation for cryptocurrency in the United States. Allaire said:
“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.”
From the fallout of the Mueller investigation, the Trump Administration has been very quiet on the issue of cryptocurrency or blockchain’s difficult journey to gain traction in America. Of course, the future for Bitcoin is uncertain, as in no one knows where the leading crypto asset will be in a few years. Some politicians suggest permissive legislation like Token Taxonomy Act and other for an all-out ban.