Circle CEO Jeremy Allaire, known for his work on USD Coin, expressed his expectation in a Reuters interview that US President Donald Trump will soon sign orders aimed at easing banking restrictions on digital assets.
Trump’s Pro-Crypto Stance
Donald Trump has repeatedly expressed his support for the crypto industry, calling himself a 'crypto president' during his campaign. Allaire believes the president may issue orders to allow banks to trade and offer crypto investments to wealthy clients, promoting further digital asset adoption.
Impact on the Financial Sector
Trump might also reduce regulatory barriers that hinder the financial sector's involvement in cryptocurrencies. A key issue Allaire raised was the controversial SEC Staff Accounting Bulletin (SAB) 121. According to Allaire, it has made it 'punitive' for banks and financial institutions to engage with crypto assets. He hopes Trump will act to repeal it.
Impact of Trump’s Meme Coin
While Trump's pro-crypto policies have generated industry enthusiasm, the launch of his own meme coin, $TRUMP, elicited mixed reactions. The coin's market cap reached $15 billion over the weekend, but some in the crypto world expressed concern over the project's legitimacy and its impact on the broader crypto ecosystem.
The crypto sector cautiously optimizes that Trump's leadership will lead to a more supportive regulatory environment for digital assets. The appointment of former SEC commissioner and crypto advocate Paul Atkins to oversee the SEC adds to the industry's confidence.
