Trump’s Crypto Plans: Banks to Trade Digital Assets?

A top executive at Circle, Jeremy Allaire, believes former President Donald Trump is about to issue a series of executive orders that will significantly change how banks interact with cryptocurrencies.

Banks and Crypto: A New Era?

Allaire predicts Trump will soon sign executive orders allowing banks to:

  • Hold digital assets in their portfolios.
  • Trade cryptocurrencies.
  • Offer crypto services to high-net-worth clients.

This would be a major shift, potentially opening up the crypto market to a much wider range of investors and financial institutions.

Easing Crypto Regulations

Allaire also hopes Trump will act to repeal Staff Accounting Bulletin (SAB) 121. This bulletin currently requires companies to list certain digital assets as liabilities on their balance sheets, even if they are simply holding them for clients. Allaire believes repealing SAB 121 would create a more favorable regulatory environment for crypto businesses.

Trump’s Crypto Stance

Interestingly, this comes after Trump expressed skepticism about Bitcoin and crypto in the past. However, in the lead-up to the recent election, he shifted his stance, promising to support the growth of the digital asset sector and end policies hindering its development. He even pledged to halt the government’s sale of seized Bitcoin.

Circle’s Contribution

It’s worth noting that Allaire’s company, Circle (the issuer of USDC), recently donated $1 million worth of USDC to Trump’s inaugural committee.

Disclaimer:
This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies./p>