Circle CEO Jeremy Allaire has expressed expectations that U.S. President Donald Trump will issue executive orders “imminently” aimed at reducing regulatory barriers for the cryptocurrency sector, which could enable banks to trade, offer investments, and hold crypto assets in portfolios.
Key Points:
- Executive Orders Expected: Allaire anticipates executive orders under the new administration to address regulatory challenges facing cryptocurrencies, enabling banks to more actively engage with digital assets, including offering crypto investments to wealthy clients.
- USDC and Crypto Regulations: As the issuer of the USDC stablecoin, Allaire advocates for the repeal of the SEC’s Staff Accounting Bulletin 121, which he claims has made it difficult for financial institutions to hold crypto assets on their balance sheets.
- Trump’s “Crypto President” Agenda: Trump’s administration has promised to embrace digital assets, with the president aiming to streamline crypto regulation and support broader adoption, aligning with his vision of being a “crypto president.”
- Broader Industry Impact: Industry leaders, including Faryar Shirzad from Coinbase, expect swift regulatory actions that could further integrate banks into the crypto space, bolstering institutional adoption and broader ecosystem growth.
