Circle CEO Jeremy Allaire expressed optimism about President Donald Trump’s potential to enact policies favorable to the crypto industry, including executive orders that could remove barriers to digital asset adoption, Reuters reported on Jan. 20.
Speaking at the Reuters Global Markets Forum during the World Economic Forum in Davos, Allaire highlighted the urgency of reversing restrictive measures like the SEC’s Staff Accounting Bulletin (SAB) 121.
Allaire says:
“SAB 121 effectively penalized banks and financial institutions for holding cryptocurrencies on their balance sheets.”
He said that the repeal of such regulations would significantly improve the integration between digital assets and traditional finance.
Circle, which is the company that issues USD Coin (USDC), was vocal about advocating regulatory reforms in order to encourage innovation within the crypto industry. The company illustrated its commitment with a $1 million USDC donation to Trump’s inauguration committee, signaling confidence in the administration’s potential crypto policies.
Despite Allaire’s remarks, Trump’s inauguration speech on Jan. 20 omitted any mention of Bitcoin and crypto. Trump’s inauguration speech on Jan. 20 focused primarily on immigration and energy, while ignoring crypto.
However, there was significant market volatility throughout the day. Bitcoin (BTC), a cryptocurrency, surged ahead of the presidential inauguration to an all-time high of $109,000. It then dropped to a new low of $100,000.
CryptoSlate reported that Bitcoin’s price was approximately $103,500 at the time of publication.
Optimism under Trump
Overall, Bitcoin has rallied nearly 50% since Trump’s election in November, with investors buoyed by expectations of favorable policies.
Recent data highlights strong institutional interest in digital assets. Bitcoin-focused exchange traded products (ETPs), which are part of the larger crypto-focused ETP market, recorded inflows totaling $1.9billion last week.
Adding to the momentum, Trump’s newly launched memecoin, TRUMP, debuted on the Solana blockchain, skyrocketing 490% in value within 24 hours. The token’s rapid rise pushed its market capitalization to nearly $11 billion before a sell pressure kicked in for a correction.
Though a Bitcoin strategic reserve proposal is still considered speculative at this time, some betting platforms predict that it could materialize within the coming year.
Industry leaders remain hopeful that Trump’s presidency will catalyze a period of growth and regulatory clarity for cryptocurrencies, fostering broader adoption and integration across financial systems.
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