Circle CEO Jeremy Allaire expressed his expectations for US President Donald Trump to issue orders supporting cryptocurrencies. He anticipates swift actions to facilitate financial institutions' handling of digital assets.
Trump’s Pro-Crypto Stance
US President Donald Trump has been vocal about his support for the crypto industry. Jeremy Allaire believes that the new president will issue orders that will allow banks to trade and offer crypto investments, potentially pushing wider adoption of digital assets.
Impact of Orders on Banks
One of the key issues raised by Allaire is the impact of SAB 121, which complicates banks' and financial institutions' ability to hold crypto assets on their balance sheets. Allaire highlights that repealing this rule would create a more favorable environment for banks to incorporate crypto into their portfolios.
Reactions to Trump’s Meme Coin
While Trump's pro-crypto moves are welcomed, the launch of his own meme coin received mixed reactions. Over the weekend, the coin reached a $15 billion market cap, sparking both excitement and criticism. Some in the crypto community are wary of its legitimacy and potential impact on the broader ecosystem.
The crypto industry remains cautiously optimistic that President Trump's initiatives will foster a supportive regulatory environment. The appointment of Paul Atkins, a former SEC commissioner and crypto advocate, to oversee the SEC further fuels these hopes.
