Written by Ranan Nguyen and Divya Chaudhry
DAVOS, Switzerland (Reuters) – Circle CEO Jeremy Allaire expects a U.S. executive order from President Donald Trump “soon” that will lead to said it could be possible to trade cryptocurrencies and offer crypto investments to wealthy clients to hold in their portfolios.
Circle is the issuer of the USDC stablecoin, a digital token pegged to the value of the US dollar. USDC is the world’s second largest stablecoin by market value and ranked as the eighth largest cryptocurrency by CoinGecko.
Trump has vowed to be the “crypto president,” and after taking office on Monday, he is expected to issue executive orders aimed at reducing barriers to regulating cryptocurrencies and boosting the adoption of digital assets.
The president-elect’s own newly minted cryptocurrency soared in market value to nearly $12 billion on Monday.
Allaire said he wants to repeal the Securities and Exchange Commission’s Employee Accounting Bulletin No. 121, which “effectively makes it punitive for banks, financial institutions, and corporations to even have crypto assets on their balance sheets.” ”.
“I think this should be watched closely from an EO (executive orders) perspective,” Allaire told Reuters Global Market Forum in an interview at the start of the World Economic Forum’s annual meeting in Davos this week. Ta.
“I am strongly in favor of repeal, and I look forward to President Trump taking that action,” Allaire said, adding that Circle already counts banks as commercial partners.
Allaire said he is looking forward to renewed Congressional activity on digital asset regulation, adding: “I expect to see a tremendous increase in committee activity literally over the next few weeks.”
Other Davos participants also said they expected swift action under the new Trump administration.
“We look forward to seeing the new SEC take action,” said Faryal Shirzad, Coinbase’s chief policy officer, which “will almost certainly lead to more banks entering the custody space.” added.
“We are very supportive of other participants joining because widespread adoption[of cryptocurrencies]is good for the ecosystem,” Shirzad told Reuters.
(Live interviews are available by joining GMF, a chat room hosted on LSEG Messenger: https://lseg.group/4ajdDTy)
(Additional reporting by Lisa Matakkal in Bengaluru; Editing by Alexander Smith)