Circle CEO Jeremy Allaire has indicated that President Donald Trump is poised to sign executive orders that would ease regulations for banks holding digital assets. These anticipated orders aim to allow banks to trade cryptocurrencies, offer crypto investments to affluent clients, and include digital assets in their portfolios.
Allaire specifically hopes for the repeal of the Securities and Exchange Commission's (SEC) Staff Accounting Bulletin 121, which he argues has made it punitive for banks and financial institutions to hold crypto assets on their balance sheets.
This development aligns with President Trump's commitment to being a "crypto president," as evidenced by the recent formation of a new crypto task force led by SEC Commissioner Hester Peirce. The task force aims to develop a clear regulatory framework for digital assets, coordinating with various federal and state agencies.
The cryptocurrency community has expressed optimism about these potential regulatory changes, viewing them as a departure from the previous administration's approach. The anticipated executive orders are expected to foster broader adoption of digital assets and integrate them more seamlessly into the traditional financial system.