Circle CEO Anticipates Trump’s Crypto Executive Orders Right After Inauguration
The inauguration of Donald Trump as the 47th President of the United States has sparked excitement in the cryptocurrency space, with expectations for cryptocurrency reforms. Notably, while Trump has announced plans for more than 100 executive orders, experts predict potential policy changes, including revamping banks’ cryptocurrency trading practices and ending the controversial “Choke Point 2.0” under the new administration. action”.
According to the latest report ReutersCircle CEO Jeremy Allaire said Trump plans to announce key executive orders as soon as he takes office. Allaire believes that these policies will simplify the bank’s cryptocurrency transactions and make it easier for customers to invest in and hold digital assets.
Trump has pledged to be a crypto president and is expected to issue executive orders after his inauguration on Monday aimed at reducing regulatory barriers to cryptocurrencies and promoting widespread adoption of digital assets.
Circle CEO Optimistic About Trump’s Potential Cryptocurrency Policy
Notably, Circle CEO Jeremy Allaire is optimistic about Donald Trump’s potential cryptocurrency policies, including allowing banks to offer cryptocurrency trading services. He specifically expects the SEC’s Staff Accounting Bulletin 121 (SAB 121) to be rejected, which Allaire said penalizes banks and financial institutions for holding crypto assets on their balance sheets.
Allaire is keen to repeal SAB 121. “I strongly support repealing it and I hope President Trump takes this action,” he noted, calling on Congress to take action to introduce a comprehensive cryptocurrency regulatory framework. Allaire anticipates renewed congressional activity on digital asset regulation, adding, “We expect the committee’s work to be very active in the coming weeks.”
Operation Choke Point 2.0
The so-called “Operation Choking Point 2.0” was a government crackdown on the cryptocurrency industry that has been isolating cryptocurrency companies from the broader financial sector. Increased scrutiny from the U.S. Securities and Exchange Commission and the Federal Deposit Insurance Corporation has led banks to halt cryptocurrency-related activities.
While some consider this to be indirect regulation, XRP lawyer John Deaton urged the government to take effective measures to deal with “Operation Chokepoint 2.0”. Speculation has arisen about potential cryptocurrency policies, including Bitcoin reserves, as Trump plans to issue more than 100 executive orders on his first day in office.
Experts and the crypto community await new Crypto SEC Chairman Paul Atkins’ overhaul of crypto regulations. Clarification on the security status of digital assets could lead to the resolution of high-profile cases such as the Ripple-SEC lawsuit, while the industry hopes to enact policies that are favorable to cryptocurrencies.
Encryption not a priority?
However, Donald Trump’s administration has not made cryptocurrencies a priority. document Sent to Republican lawmakers, he also did not mention the issue in his inaugural address, surprising the cryptocurrency community. Furthermore, Bitcoin prices have fallen following these developments.
