Circle CEO Jeremy Allaire anticipates 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 long been vocal about his support for the crypto industry, calling himself a 'crypto president' during his campaign. Allaire believes the new president will issue executive orders allowing banks to trade and offer crypto investments to wealthy clients, which could further boost the adoption of digital assets.
Controversial SEC Directive
One key issue Allaire raised was the controversial SEC Staff Accounting Bulletin (SAB) 121. This regulation has been criticized by crypto leaders for making it difficult for banks and financial institutions to hold crypto assets on their balance sheets. Allaire finds this regulation punitive and hopes President Trump will take action to repeal it. 'I'm strongly in favor of repealing it and I would hope that President Trump would take that action,' Allaire stated.
Impact of Trump's Meme Coin
While Trump's pro-crypto policies have generated enthusiasm within the industry, the launch of his own meme coin, $TRUMP, has received mixed reactions. Over the weekend, the coin reached a market cap of $15 billion, inciting both excitement and criticism. Despite Trump's focus on digital assets, he did not mention cryptocurrencies in his inaugural address. Nonetheless, the crypto sector is cautiously optimistic about his leadership, hoping for a more supportive regulatory environment.
The potential policies of new US President Donald Trump on cryptocurrencies intrigue and create anticipation in the industry, but his actual moves in this area remain uncertain.
