Circle CEO Jeremy Allaire in a letter to the US Treasury Department advised the U.S government to utilize blockchain technology and innovations which he described as the most significant technological advancements that we’ve seen in human history.

Commenting on the move of the US to ban so-called unhosted or self-hosted wallets, he said it would have a significant negative impact on the crypto industry and give a competitive advantage to China that is actively competing with the U.S.

“With all due respect, I believe the proposal would inadequately address the actual risks that are at issue, would significantly harm industry and American competitiveness would continue to yield economic and industry advantage to Chinese firms, and would have significant unintended consequences around the broader use-cases for this technology,” he said.

Bitcoin has dropped from this week’s long $18k ranking to $17,799.13 as at the time of writing this report. Bit coin has so far dropped by -2.45%, with market capitalization of $330.30B and market volume of $24.12B. Within the last 24 hours, bitcoin has experienced $18,427.16 high and $17,593.17 low. Currently, 18,568,118.75 bitcoins are in circulation.

Stats and Image from Coin Desk

In the letter, Allaire said the U.S. financial regulators should give the blockchain industry between 1-2 years to develop more advanced technological tools that will help provide deeper levels of accountability and recordkeeping, rather than using stringent rules.

“…the industry needs time, probably 1-2 years, to put these kinds of technologies in place – indeed, 3rd generation blockchain technologies have recently made this possible, and smart builder are working on these solutions,” he added.

He also mentioned the need for financial regulators and the blockchain industry to collaborate in building advanced blockchain technology that will make the industry more competitive, safe and secure.