President Donald Trump is anticipated to issue executive orders aimed at easing cryptocurrency regulatory norms and accelerating the adoption of digital assets in the United States.
Trump’s Executive Orders For Crypto Fraternity
Circle CEO Jeremy Allaire revealed that Trump is likely to introduce measures making it easier for banks to own and manage digital assets. Allaire also called for the repeal of the U.S. SEC’s Staff Accounting Bulletin 121 (SAB 121), which currently restricts financial institutions from holding cryptocurrencies on their balance sheets.
“That’s something I think to watch closely in terms of EOs [executive orders],” Allaire stated in a recent interview. He emphasized his support for repealing SAB 121 and expressed optimism that Trump’s administration would take decisive action. Allaire also noted that Congress is expected to engage in crypto-friendly initiatives soon, saying, “We expect Committee work to be very active, literally in the coming weeks.”
Faryar Shirzad, Chief Policy Officer at Coinbase, echoed these sentiments. “We expect the new SEC will take action,” he said, adding that such measures “will almost certainly bring banks much more into the custodial space.”
Donald Trump’s Memecoin Launch
Trump’s pro-crypto stance was recently underscored by his launch of the memecoin $TRUMP, followed by Melania Trump’s introduction of $MELANIA. While these moves highlight his administration’s strategic alignment with the crypto space (with a hint of mutual benefits for the Trump family), they have sparked mixed reactions among industry leaders.
Despite some criticism, $TRUMP achieved remarkable initial success, soaring to a market value of nearly $7.08 billion. However, the crypto has since experienced an 18% decline, currently trading at approximately $35.53.
As a result, the crypto community has its eyes on Trump’s policies that will influence the regulatory landscape and shape the future of crypto in the country.
Also Read: Senator Jordan Teuscher Introduces Bitcoin Reserve Bill for US State of Utah
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