Circle CEO Jeremy Allaire recently expressed his expectations that US President Donald Trump will soon sign executive orders to ease banking restrictions on crypto assets.
Trump's Crypto Friends
Donald Trump has expressed clear support for the crypto industry, calling himself a 'crypto president' during his campaign. Jeremy Allaire believes that executive orders allowing banks to trade and offer crypto investments to wealthy clients will be enacted.
Regulatory Challenges
A key issue discussed was the Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) 121, which crypto leaders claim makes it difficult for banks and financial institutions to hold crypto assets. Allaire highlighted the punitive measures of SAB 121 and expressed hope for its repeal by the Trump administration.
Impact on Crypto Market
While Trump's pro-crypto policies have generated excitement, the launch of his own meme coin $TRUMP has received mixed reactions. Despite reaching a market cap of $15 billion, skepticism about its legitimacy and impact on the crypto ecosystem persists.
Despite the lack of mention of crypto assets in the inaugural speech, the crypto community remains cautiously optimistic about potential improvements in the regulatory environment. The appointment of crypto advocate Paul Atkins to oversee the SEC fuels hope for forthcoming changes.
