Circle CEO Jeremy Allaire thinks President Donald Trump will allow banks to trade crypto assets.
In a new interview with Reuters, Allaire predicts that Trump will sign a series of executive orders (EOs) that will allow banks to hold digital assets in wallets, 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 that I think needs to be closely watched when it comes to EOs… I’m very much in favor of repealing them and I hope that President Trump will take that action.”
SAB 121 is guidance stating that certain companies must label digital assets as liabilities on their balance sheets, even if they simply hold them for customers.
After expressing skepticism about Bitcoin (BTC) and crypto during his previous presidential term, Trump pledged to protect and grow the digital asset sector in the year leading up to the October election.
He pledged 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 stablecoin to Trump’s inaugural committee earlier this month.
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