Circle CEO: Strongly Supports Trump's Repeal of SAB 121, Executive Order Expected Soon

BlockBeats News, January 21st, Circle CEO Jeremy Allaire stated in an interview at the World Economic Forum Annual Meeting in Davos, Switzerland, that U.S. President Trump may soon sign an executive order to make it easier for banks to hold digital assets. He expects Trump's order supporting cryptocurrency to be released "soon," but did not specify a specific time.

Allaire specifically highlighted the U.S. SEC's Staff Accounting Bulletin 121 (SAB 121), which is a controversial framework that has prevented financial institutions from holding cryptocurrency on their balance sheets.

Although Congress voted to overturn SAB 121, the resolution was later vetoed by Biden. Biden stated 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 intended to protect investors but rather to hinder the adoption of new technologies. SAB 121 "has effectively penalized banks, financial institutions, and firms, even prohibiting them from holding crypto assets on their balance sheets," Allaire said, adding, "I think, with (the executive order), this is something to watch closely." (Reuters)