Trump is expected to sign executive orders easing banks' digital asset ownership

In a recent interview with Reuters, Circle CEO Jeremy Allaire predicted that US President Donald Trump will soon sign executive orders to loosen banking restrictions on digital assets. Allaire, the supervisor of the company behind the popular USD Coin (USDC), has shared his expectations for swift action from the new government to promote the adoption of cryptocurrencies and reduce legal barriers for cryptocurrency-related financial institutions. Trump's support for cryptocurrency Donald Trump did not hide his support for the cryptocurrency industry, referring to himself as the "Cryptocurrency President" during his election campaign. Allaire believes that the new president will issue executive orders allowing banks to transact and provide cryptocurrency investments to wealthy clients, which could further promote the adoption of digital assets. Trump also plans to take action to reduce the legal barriers currently hindering the financial sector's involvement in cryptocurrency. One of the main issues that Allaire raised in the interview is the controversy surrounding Staff Accounting Bulletin (SAB) 121 of the Securities and Exchange Commission (SEC). This regulation has been criticized by cryptocurrency leaders for making it difficult for banks and financial institutions to hold cryptocurrency assets on their balance sheets. According to Allaire, SAB 121 has made these entities "punitive" when participating in cryptocurrency assets, which is why he hopes that President Trump will act to repeal it. He emphasizes the importance of upcoming executive orders in this field, stating that repeal will create a more favorable environment for banks to include cryptocurrencies in their investment portfolios. "I fully support its repeal and hope President Trump will take that action," Allaire declared. Circle's Allaire emphasizes the importance of partnerships between cryptocurrency companies and traditional banks. Circle has established relationships with commercial banks and Allaire hopes that new regulatory orders will allow for deeper collaboration. Impact of Trump's Meme coin Although Trump's pro-cryptocurrency policies have attracted enthusiasm in the industry, the launch of his own meme coin, $TRUMP, has sparked some mixed reactions. Over the weekend, this coin reached a market capitalization of $15 billion, causing both excitement and criticism. Some in the cryptocurrency world have expressed concerns about the legality of the project and its potential to undermine a larger cryptocurrency ecosystem. Although Trump focuses on digital assets, he did not mention cryptocurrencies in his inauguration speech on January 20th. However, the cryptocurrency industry remains cautiously optimistic, hoping that Trump's leadership will lead to a more supportive regulatory environment for digital assets. The nomination of Paul Atkins, a former SEC commissioner and cryptocurrency advocate, to oversee the SEC has further raised industry hopes. DYOR! #Write2Earn #Write&Earn $TRUMP {spot}(TRUMPUSDT)