Donald Trump to ‘Imminently’ Sign Executive Orders Allowing Banks To Trade Crypto, Says Jeremy Allaire: Report
Circle chief executive Jeremy Allaire thinks President Donald Trump will enable banks to trade crypto assets.
In a new interview with Reuters, Allaire predicts Trump will sign a flurry of executive orders (EOs) enabling banks to hold digital assets in portfolios, trade them and offer crypto services to wealthy customers.
The CEO also says he hopes the U.S. Securities and Exchange Commission (SEC) repeals Staff Accounting Bulletin (SAB) 121.
“That’s something I think to watch closely in terms of EOs… I’m strongly in favor of repealing it and I would hope that President Trump would take that action.”
SAB 121 is a guidance bulletin that states certain companies should label digital assets as liabilities on their balance sheets, even if they are simply holding them for customers.
After expressing skepticism about Bitcoin (BTC) and crypto during his previous presidential term, Trump spent the year leading up to October’s election pledging to protect and grow the digital asset sector.
He promised to end policies that prevent crypto investors and companies from using digital assets and also said the US would stop selling its trove of seized Bitcoin on the open market.
Allaire’s firm, Circle, which issues USDC, contributed $1 million worth of the stablecoin to Trump’s inaugural committee earlier this month.
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