Circle CEO in Favor of Trump’s Rejection of SAB 121
During an interview at the World Economic Forum in Davos, Switzerland, Circle CEO Jeremy Allaire shared that US President Trump is expected to sign an executive order in support of cryptocurrency, potentially making it easier for banks to hold digital assets.
Allaire did not specify when the order would be released, but referred to the SEC’s Staff Accounting Bulletin (SAB 121) as a major obstacle for financial institutions looking to invest in cryptocurrencies.
While Congress initially voted to overturn SAB 121, the resolution was later vetoed by President Biden, who stated that measures like this should not jeopardize the welfare of consumers and investors.
Allaire and others in the cryptocurrency industry believe that SAB 121 is an attempt to hinder the adoption of new technologies rather than protect investors. Allaire emphasized the importance of closely monitoring the executive order and its potential impact on the industry.
