Circle CEO Jeremy Allaire has revived expectations for imminent executive orders from President Donald Trump to transform the crypto landscape.
These orders could enable banks to trade, invest, and hold cryptocurrencies in their portfolios. The expectations align with Trump’s promise to champion cryptocurrency adoption during his presidency.
Desire for Regulatory Changes
According to a report from Reuters, Allaire has expressed a strong desire for regulatory changes, particularly the repeal of the SEC’s Staff Accounting Bulletin 121. He stated that the rule imposes punitive measures on banks and corporations holding crypto assets.
Allaire highlighted the potential impact of these executive orders during the Reuters Global Markets Forum. He underscored the importance of regulatory adjustments in encouraging broader financial institution participation.
Notably, Circle already collaborates with commercial banks, highlighting the company’s commitment to integrating crypto within the traditional financial ecosystem.
Circle, the issuer of the USDC stablecoin, has become a pivotal player in the digital asset sector. Its USDC pegged to the U.S. dollar is the second-largest stablecoin by market value and ranks as the eighth-largest crypto overall.
Anticipated Crypto Regulatory Shifts
The crypto industry anticipates significant regulatory activity under the new Trump-led administration. Allaire expects Congress to address digital asset regulations in the coming weeks.
Meanwhile, Coinbase’s Chief Policy Officer, Faryar Shirzad, foresees swift action from the SEC to facilitate broader crypto adoption. Shirzad emphasized the potential benefits of bringing more financial institutions into the custodial space, fostering growth in the ecosystem.
Crypto Purchases Mark Trump’s Inauguration
Meanwhile, World Liberty Financial (WLFI), a DeFi platform linked to President Trump, made high-profile crypto purchases during his inauguration. The platform acquired over $100 million in digital assets, excluding Bitcoin.
Donald Trump Jr. announced the acquisitions, which included $47 million each in Ethereum (ETH) and Wrapped Bitcoin (WBTC), alongside $4.7 million allocations to Aave (AAVE), Chainlink (LINK), TRON (TRX), and Ethena (ENA).
It is also important to note that President Donald Trump issued a wave of executive orders addressing areas such as immigration, energy policy, and federal administration. Contrary to widespread expectations, the cryptocurrency sector was left untouched in this initial flurry of actions.
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