Circle CEO: Strong support for Trump's repeal of SAB 121, executive order expected soon

In an interview at the World Economic Forum's annual meeting in Davos, Switzerland, Circle CEO Jeremy Allaire said that U.S. President Donald Trump may soon sign an executive order to make it easier for banks to own digital assets. He expects Trump's order to support cryptocurrencies to be issued soon, but did not specify when.
Allaire is particularly focused on the SEC's Employee Accounting Bulletin (SAB 121), a controversial framework that prevents Financial Institution Group from holding cryptocurrencies on its balance sheet. Although Congress voted to overturn SAB121, the resolution was later vetoed by Biden. Biden said at the time, "My administration will not support measures that jeopardize the well-being of consumers and investors." Allaire and other cryptocurrency executives argued that SAB121 was not designed to protect investors, but to hinder the adoption of new technologies. SAB 121 "effectively imposes penalties on banks, Financial Institution Groups and companies, and even prohibits them from holding crypto assets on their balance sheets," said Mr. Allaire, adding: "I think that's something that needs to be looked at very closely in terms of [the executive order]."