Crypto Industry Anticipates Regulatory Breakthrough Under New Presidency
As the world watches the transition of power in the United States, the cryptocurrency industry is holding its breath in anticipation of a regulatory overhaul. Circle CEO Jeremy Allaire believes that incoming President Donald Trump will issue executive orders “imminently” to clear the path for widespread adoption of digital assets.
A New Era for Crypto Adoption
Trump’s campaign promises to become a “crypto president” have sparked optimism among industry leaders. Allaire expects the new administration to tackle regulatory roadblocks, paving the way for banks to trade cryptocurrencies, offer crypto investments to high-net-worth clients, and hold digital assets in their portfolios.
The Rise of USDC
Circle, the issuer of the USDC stablecoin, is well-positioned to benefit from the expected regulatory shift. USDC, pegged to the value of the U.S. dollar, is the world’s second-largest stablecoin by market value and ranks eighth among all cryptocurrencies, according to CoinGecko.
Repealing Regulatory Barriers
Allaire is particularly keen on seeing the repeal of the Securities and Exchange Commission’s Staff Accounting Bulletin 121, which he believes has hindered banks and financial institutions from holding crypto assets on their balance sheets. “That’s something I think to watch closely in terms of EOs,” Allaire emphasized during an interview at the World Economic Forum’s annual meeting in Davos.
Congressional Activity on the Horizon
In addition to executive orders, Allaire anticipates renewed activity from Congress on digital asset regulations. “We expect Committee work to be very active, literally in the coming weeks,” he said, highlighting Circle’s existing partnerships with banks as commercial partners.
As the crypto industry waits with bated breath, one thing is clear: the next few weeks will be crucial in shaping the future of digital assets in the United States.
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