Circle CEO Jeremy Allaire said he anticipated that President Donald Trump will quickly enact new cryptocurrency rules.
Allaire said he “imminently” expects decrees from the new president, allowing banks to trade cryptocurrencies, offer cryptocurrency investments to wealthy clients and hold them in wallets, Reuters reported Monday (January 20).
Trump has pledged to be a “crypto president” and is expected issue executive orders to reduce regulatory barriers to crypto and promote widespread adoption of digital assets after taking office Monday, according to the report.
He also created his own cryptocurrency, a coin this soared as much as $15 billion over the weekend and sparked criticism in the crypto industry.
Allaire said he hopes the administration will reverse the Securities and Exchange CommissionIt is Personnel Accounting Bulletin 121which he said “effectively made it punitive for banks, financial institutions, and businesses to even hold crypto assets on their balance sheets,” according to the report.
“I am strongly in favor of its repeal, and I would be I hope President Trump would be take this step,” Allaire said, according to the report, adding that Circle already had banks as business partners.
Anger over the meme coin aside, the crypto industry has been enthusiastic about the new administration after four years of a presidency they viewed as hostile to them. sector. Trump called on Paul Atkinsformer SEC commissioner and crypto advocate, to oversee the SEC. He also promised to create the new position of AI and crypto czar, which will be filled by David Sacks, seen like a regulatory skeptic.
Allaire said he also expects a resurgence in Congressional activity on regulating digital assets.according to the report.
“We expect the work of the committee to be very active, literally in the coming weeks,” he said, according to the report.
Circle is the issuer of USDC stablecoins, the second most popular digital asset. of the 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 towards them.” FV Bank CEO Miles Paschini told PYMNTS this month.
