Circle CEO Anticipates Potential Executive Order On Digital Assets

According to BlockBeats, on January 21, Circle CEO Jeremy Allaire discussed the potential for an executive order from U.S. President Trump that could facilitate banks' ownership of digital assets. Speaking at the World Economic Forum in Davos, Switzerland, Allaire expressed his belief that such an order supporting cryptocurrency could be issued soon, though he did not specify a timeline. Allaire highlighted concerns regarding the U.S. Securities and Exchange Commission's Staff Accounting Bulletin (SAB 121), a controversial framework that prevents financial institutions from holding cryptocurrencies on their balance sheets. Although Congress voted to overturn SAB 121, the resolution was vetoed by President Biden, who stated, "My administration will not support measures that endanger the welfare of consumers and investors." Allaire, along with other cryptocurrency executives, argues that SAB 121 is not intended to protect investors but rather hinders the adoption of new technologies. He stated, "SAB 121 effectively imposes punitive measures on banks, financial institutions, and companies, even prohibiting them from holding crypto assets on their balance sheets." Allaire emphasized the need for close attention to this issue in the context of potential executive orders.