“Regulation often is resisted by industry, but it often eventually becomes a substantial enabler for industry,” Summers told an audience at Circle’s Converge22 conference in San Francisco.
He added that crypto firms seeking lighter regulation in the U.S. should be careful what they wish for.
Circle, the crypto firm behind stablecoin USDC, said in 2021 that it would plot out a path to become a"a full-reserve national commercial bank." Summers agreed with current conventional wisdom that a strengthened dollar, resulting from more increased purchases of U.S. debt due to higher interest rates and the safety of Treasury bonds, could weaken other economies and roil currency markets.
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