Circle CEO Jeremy Allaire anticipates that Trump’s executive orders will enable institutions to provide crypto trading services to their clients.
In the crypto space, the inauguration of Donald Trump as the 47th US President, which signifies the commencement of his second presidential tenure, has sparked excitement. Even though Trump has disclosed plans for over 100 executive orders, the crypto community anticipates a significant overhaul. According to expert predictions, the new administration may implement policy changes that include the termination of the contentious Operation Chokepoint 2.0 and modifications to the crypto trading practices of institutions.
Circle CEO Jeremy Allaire was quoted in a Reuters report as predicting that Trump would promptly issue the eagerly anticipated executive orders following his inauguration. Allaire thinks that the new policies implemented by Trump will facilitate the provision of crypto trading services by institutions, thereby allowing clients to invest in and maintain digital assets.
Trump’s executive orders encompass the trading of cryptocurrency by banks
The Circle CEO is optimistic about the potential changes in crypto policy that Donald Trump may implement, which he believes will encompass the crypto trading services of institutions. In particular, he anticipates the denial of Staff Accounting Bulletin 121 (SAB 121) issued by the Securities and Exchange Commission (SEC). The SAB 21 effectively made it “punitive for banks, financial institutions, and corporations to even hold crypto assets on their balance sheet,” according to him.
Allaire is particularly enthusiastic about the potential revocation of SAB 121, one of the numerous executive orders issued by Trump. “I am firmly in favor of repealing it, and I would anticipate that President Trump would take that action,” Allaire stated. In addition, he appealed to Congress to establish a comprehensive crypto regulatory framework.
Is Operation Chokepoint 2.0 brought to an end by Trump’s re-election?
According to reports, the crypto industry is the subject of an alleged government assault known as “Operation Chokepoint 2.0.” According to reports, the government has been isolating crypto companies from the broader financial sector since the collapse of the financial behemoth Silvergate. Increasing caution was prompted by governments’ decision to sever banks’ connections with crypto companies, significantly impacting crypto trading activities.
Furthermore, banks were encouraged to suspend crypto-related activities due to the intensified examination of crypto platforms by the SEC and FDIC. John Deaton, an attorney for XRP, implored the government to take adequate measures to address Operation Chokepoint 2.0, even though many have accused it of being the government’s indirect regulation.
The more than one hundred executive orders issued by Donald Trump
It is important to note that Trump intends to issue over 100 executive orders on his first day in office, which has sparked speculation regarding prospective crypto policies. In the interim, Fred Krueger, a crypto investor and mathematician, anticipated that Trump would declare the Bitcoin reserve on the first day.
Under the new SEC Chair, Paul Atkins, experts and industry leaders anticipate an overhaul of crypto regulations. Many individuals believe that high-profile cases such as the Ripple-SEC lawsuit would be resolved by clarifying the security status of digital assets. The industry anticipates the implementation of crypto-friendly policies that will facilitate cryptocurrency trading according to Allaire’s expectations.
