Circle CEO: We are in 'sound-money camp' when it comes to cryptocurrency

Jeremy Allaire, co-founder and CEO of blockchain-based fintech company Circle, said Tuesday that he sits in the "sound-money camp" when it comes to cryptocurrency. Speaking to CNBC, Allaire differentiated this from what he termed the "Bitcoin-denominated financial system," arguing that crypto technology can work in tandem with traditional banking structures instead of against them to improve the overall financial system. "We believe in full reserve banking," Allaire said, but added that blockchain technology can create a financial system that "is still safer and more resilient than the current financial system that we have now." Allaire also contended that a robust regulatory framework could benefit the crypto markets. But he worried that it would be difficult to create such a structure without killing the flexibility and innovation inherent in the new technology. Still, the Circle CEO acknowledged the need for oversight given the fact that crypto has quickly grown "to Internet-scale" and