Circle CEO Jeremy Allaire believes that President Donald Trump’s enabling of banks to trade in cryptoassets will be a positive step.
Allaire, in a recent interview with Reuters predicts that Trump will issue a flurry executive orders (EOs), allowing banks to trade digital assets, hold them as portfolios and provide crypto services for wealthy clients.
He also expressed his hope that the U.S. Securities and Exchange Commission will repeal Staff Accounting Bulletin 121.
SAB 121, a bulletin of guidance, states that certain companies must label their digital assets on balance sheets as liabilities even if the only purpose is to hold them for clients.
Trump expressed skepticism towards Bitcoin (BTC), and the crypto-asset sector, during his last presidential term. He spent the entire year before the October election promising to grow and protect the digital assets industry.
The US will stop selling the seized Bitcoin that it has accumulated.
Circle, Allaire’s company that issues USDC stablecoin, donated USDC worth $1 million to Trump’s inaugural fund earlier in the month.
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Sources of Images include Pixabay Creative Commons & Midjourney
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