In a recent interview, Circle CEO Jeremy Allaire expressed expectations for imminent executive orders from US President Donald Trump to ease banking restrictions on digital assets.
Trump's Pro-Crypto Advocacy
Donald Trump has openly supported the crypto industry, referring to himself as a "crypto president." He is expected to issue executive orders enabling banks to trade and offer crypto investments, potentially furthering the adoption of digital assets.
Impact of Orders on Banking Industry
Jeremy Allaire highlighted that Trump's orders may lower regulatory barriers hindering financial institutions from dealing with cryptocurrencies. A particular focus is on repealing the SEC Staff Accounting Bulletin (SAB) 121, which complicates banks' ability to hold crypto assets. "I'm strongly in favour of repealing it and I would hope that President Trump would take that action," Allaire stated.
Trump and Meme Coin: Mixed Reactions
The launch of the $TRUMP meme coin has drawn mixed reactions. Over the weekend, it reached a market cap of $15 billion, sparking both excitement and criticism. Concerns have been raised about the project's legitimacy and its impact on the broader crypto ecosystem.
Despite Trump's omission of cryptocurrency mentions in his inaugural speech, the crypto world remains optimistic about his supportive stance towards digital assets. The appointment of Paul Atkins, a former SEC commissioner and crypto advocate, to oversee the SEC adds to these hopes.
