Circle CEO strongly supports Trump's repeal of SAB 121, and an executive order is expected to be issued soon

ChainCatcher news, according to Reuters, Circle CEO Jeremy Allaire stated in an interview at the World Economic Forum in Davos, Switzerland, that U.S. President Trump may soon sign an executive order making it easier for banks to hold digital assets. He expects the order supporting cryptocurrency from Trump to be released "soon," but did not specify a timeline.

Allaire specifically highlighted the SEC's Staff Accounting Bulletin (SAB 121), a controversial framework that prevents financial institutions from holding cryptocurrencies on their balance sheets.

Although Congress voted to overturn SAB 121, the resolution was later vetoed by Biden. At that time, Biden stated, "My administration will not support measures that jeopardize the welfare of consumers and investors."

Allaire and other cryptocurrency executives believe that SAB 121 is not aimed at protecting investors, but rather at hindering the adoption of new technologies. "SAB 121 effectively imposes punitive measures on banks, financial institutions, and companies, even prohibiting them from holding crypto assets on their balance sheets," Allaire said, adding, "I think this is something that needs to be closely monitored in terms of (the executive order)."