During a recent interview at the World Economic Forum in Davos, Circle CEO Jeremy Allaire indicated that a potential executive order may be on the horizon, aimed at easing banks’ ability to hold digtial assets. Allaire anticipates that this forthcoming directive from President Trump will bolster the cryptocurrency sector, although specific timing remains unclear. One focal point of Allaire’s discussion was the controversial Staff Accounting Bulletin 121 (SAB 121) issued by the U.S. SEC. This policy has posed significant challenges for financial institutions regarding the accounting treatment of cryptocurrency on their balance sheets. Despite efforts from Congress to overturn this regulation, it faced a veto from President Biden, who emphasized that such measures could endanger the safety of consumers and investors. Allaire argues that rather than protecting stakeholders, SAB 121 stifles technological innovation and adoption within financial markets.
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