The Securities and Exchange Commission is not the regulator for stablecoins, according to Jeremy Allaire, CEO and founder of Circle Internet Financial Ltd. 

What Happened: In an interview with Bloomberg on Thursday, Allaire aired his views on the SEC and its recent moves to regulate the crypto industry. Circle is an issuer of stablecoin USD Coin (CRYPTO: USDC).

Allaire argued that “payment stablecoins,” which are backed by the U.S. dollar, should be overseen by a “banking regulator” rather than the SEC.

“I don’t think the SEC is the regulator for stablecoins,” said Allaire.

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

He added, “There is a reason why everywhere in the world, including the U.S., the government is specifically saying payment stablecoins are a payment system and banking regulator activity.”

Circle confirmed last week that they were not targeted by the SEC after Wells Notice to Paxos Trust to cease minting a Binance-branded token with a market value of $16 billion.

Allaire pointed out, “There are lots of flavors, as we like to say, not all stablecoins are created equal.”

Read Next: Bitcoin, Ethereum, Dogecoin Slide After Mixed Fed Minutes: Analyst Says China Won't 'Fuel Coming Cycle'