Circle CEO Jeremy Allaire expects President Donald Trump to soon issue an executive order that would allow banks to trade cryptocurrency, offer digital asset investments to wealthy clients, and hold it in portfolios.
He stated this during a speech at the Reuters Global Markets Forum as part of the World Economic Forum, which is taking place this week in Davos.
Allaire also called on Trump to take note of the U.S. Securities and Exchange Commission's SAB 121, which sets out accounting standards for companies that hold customers' crypto assets.
SAB 121 effectively penalized banks and financial institutions for holding cryptocurrency on their balance sheets. I strongly advocate for the repeal of this law and hope that President Trump will take appropriate action, - said the CEO of Circle.
Last year, the US Congress voted to repeal SAB121, but Joe Biden vetoed it.
Experts expect Trump, who has promised to become the first-ever crypto president of the United States, to soon issue executive orders simplifying regulation in the cryptocurrency sphere. However, it is not yet clear when exactly this will happen.
The new head of the White House never mentioned Bitcoin and cryptocurrencies in his inauguration speech, raising eyebrows among industry figures who have donated millions of dollars to his 2024 campaign.
