Circle CEO: Strongly support Trump's repeal of SAB 121, expect executive order to be issued soon

 Circle CEO Jeremy Allaire said in an interview at the World Economic Forum in Davos, Switzerland that US President Trump may soon sign an executive order to make it easier for banks to hold digital assets. He expects that Trump's order supporting cryptocurrencies will be released soon, but did not specify a specific time.

Allaire is particularly concerned about the SEC's "Staff Accounting Bulletin" (SAB 121), a controversial framework that prevents financial institutions from holding cryptocurrencies on their balance sheets.

Although Congress voted to overturn SAB 121, the resolution was later vetoed by Biden. At the time, Biden said, "My administration will not support measures that endanger the well-being of consumers and investors."

Allaire and other cryptocurrency executives believe that SAB 121 is not intended to protect investors, but to hinder the adoption of new technologies. "SAB 121 actually punishes banks, financial institutions, and companies, even prohibiting them from holding cryptocurrency assets on their balance sheets," Allaire said, adding, "I think this needs to be closely watched in terms of (executive orders)."