Circle CEO Jeremy Allaire expressed confidence in the regulatory and executive actions that could significantly impact the cryptocurrency industry in the coming period. Speaking at a recent event, Allaire predicted that the controversial Staff Accounting Bulletin No. 121 (SAB 121) would be repealed and executive orders would be issued on crypto-related matters. SAB 121, issued under the Biden administration, has created challenges for public companies and financial institutions by imposing strict accounting rules for cryptocurrencies. Allaire noted that the bulletin was seen as “punitive” by the industry, particularly for banks and companies seeking to hold or store crypto assets. “Banks need clarity and companies need clarity so they can hold crypto assets on their balance sheets and provide custody without punitive measures,” Allaire said. He noted that repealing SAB 121 would alleviate these challenges, make the financial system more crypto-friendly, and unlock broader institutional participation in digital assets. Related News: Is a Civil War Starting in Ethereum: One of the Main Developers Left, a Second Foundation was Established! Is XRP and Solana Danger Coming for ETH? Allaire is also expecting new executive orders from Trump regarding cryptocurrencies, signaling that the regulatory landscape could soon change. While the president’s inaugural address did not explicitly mention crypto, Allaire expressed optimism that crypto would be prioritized on the administration’s agenda. “We will begin to see regulatory action, Congress and the White House,” he said. The potential repeal of SAB 121 and the imposition of administrative orders could pave the way for greater institutional adoption of crypto, with Allaire noting that these actions would align with efforts to make capital markets friendlier to digital assets and improve regulatory clarity. At the World Economic Forum in Davos, Allaire discussed the growing momentum for crypto-friendly policies, particularly among Republican leadership and key industry players. He believes addressing these regulatory issues will unlock new opportunities for the financial sector and drive the next wave of crypto adoption. *This is not investment advice. Continue Reading: Why Donald Trump Isn’t Announcing Expected Cryptocurrency Orders? Industry CEO Makes Relieving Statement
