Circle CEO Expects Imminent Executive Orders on Crypto

By Lananh Nguyen and Divya Chowdhury

DAVOS, Switzerland (Reuters)

Circle CEO Jeremy Allaire anticipates imminent executive orders from incoming President Donald Trump, which may enable banks to trade cryptocurrencies, offer crypto investments to wealthy clients, and include crypto in portfolios.

Circle, the issuer of the USDC stablecoin, has developed a digital token pegged to the U.S. dollar. USDC is recognized as the second-largest stablecoin by market value, ranking eighth among cryptocurrencies according to CoinGecko.

President Trump, aiming to be a “crypto president,” is expected to implement executive orders targeting the reduction of regulatory barriers for cryptocurrencies and the promotion of digital asset adoption following his inauguration.

The cryptocurrency created by Trump recently saw its market value surge to nearly $12 billion.

Allaire expressed a desire for the repeal of the Securities and Exchange Commission’s Staff Accounting Bulletin 121, stating it has been punitive for banks and financial institutions in holding crypto assets on their balance sheets.

“That’s an issue to watch closely regarding executive orders,” Allaire noted during an interview with the Reuters Global Markets Forum at Davos’s annual meeting this week.

He reaffirmed his support for the repeal and his hope that President Trump would take action, mentioning that Circle has already partnered with banks.

Additionally, Allaire anticipates increased Congressional activity on digital asset regulations: “We expect Committee work to be very active soon.”

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