Circle CEOJeremy Allaire said he anticipates that President Donald Trump will move quickly on new cryptocurrency rules.
Allaire said he expects executive orders “imminently” from the new president, allowing banks to trade crypto, offer crypto investments to wealthy clients and hold it in portfolios, Reutersreported Monday (Jan. 20).
Trump has pledged to be a “crypto president” andis expected to issue executive orders to lower crypto regulatory roadblocks and promote widespread adoption ofdigital assets after taking office Monday, per the report.
He has also minted his own cryptocurrency, ameme coin that jumped as high as $15 billion over the weekend and sparked criticism in the crypto industry.
Allaire said he hopes the administration rescinds theSecurities and Exchange Commission’sStaff Accounting Bulletin 121, which he argued “effectively made it punitive for banks and financial institutions and corporations even to hold crypto assets on their balance sheet,” according to the report.
“I’m strongly in favor of repealing it, and Iwould hope that President Trumpwould take that action,” Allaire said, per the report, adding that Circle already counted banks as commercial partners.
Anger over the meme coin aside, the crypto sector has been enthusiastic about the new administration after four years of a presidency that they viewed as hostile to theirsector. Trump tappedPaul Atkins, a former SEC commissioner and crypto advocate, to oversee the SEC. He has also promised to set up the new position of AI and crypto czar, to be held byDavid Sacks,seen as aregulation skeptic.
Allaire said he also expects a resurgence in activity from Congress on digital asset regulations, according to the report.
“We expect committee work to be very active, literally in the coming weeks,” he said, per the report.
Circle is the issuer of the USDC stablecoins, the second-most popular digital assetof its kind.Stablecoins are increasingly seen as a viable payment option, bridging the gap between crypto and traditional finance.
“Where stablecoins offer superior benefits, customers will naturally gravitate toward them,”FV Bank CEOMiles Paschini told PYMNTS this month.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
