Circle CEO strongly supports Trump's repeal of SAB 121, expecting an executive order to be issued soon

Odaily News Circle CEO Jeremy Allaire said in an interview at the World Economic Forum's annual meeting in Davos, Switzerland that U.S. President Trump may soon sign an executive order to make it easier for banks to own digital assets. He expects Trump's order supporting cryptocurrency to be issued "soon," but did not specify a specific time.
Allaire focused specifically on the U.S. SEC’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 later vetoed by Biden, who said at the time, "My administration will not support measures that jeopardize the well-being of consumers and investors."
Allaire and other cryptocurrency executives believe that SAB 121 is not designed to protect investors, but rather to hinder the adoption of new technologies. SAB 121 "actually imposes penalties on banks, financial institutions, and companies, and even prohibits them from holding crypto assets on their balance sheets," Allaire said, adding: "I think this is something that needs to be watched closely in terms of the (executive order)." (Reuters)