Circle CEO bullish on Trumps crypto policy despite no mention during speech
Circle CEO Jeremy Allaire expressed optimism about President Donald Trumps 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 SECs Staff Accounting Bulletin (SAB) 121.
According to Allaire:
SAB 121 effectively penalized banks and financial institutions for holding cryptocurrencies on their balance sheets.
He emphasized that repealing such regulations could significantly enhance the integration of digital assets within traditional finance.
Circle, the issuer of USD Coin (USDC), has been vocal in advocating for regulatory reforms to support innovation in the crypto sector. The company illustrated its commitment with a $1 million USDC donation to Trumps inauguration committee, signaling confidence in the administrations potential crypto policies.
Despite Allaires remarks, Trumps inauguration speech on Jan. 20 omitted any mention of Bitcoin and crypto. Instead, he focused on topics such as tariffs, immigration, and energy independence, leaving investors speculating about the timing of potential crypto-related announcements.
Nevertheless, the market experienced significant volatility during the day. Bitcoin (BTC) surged to a record high of $109,000 ahead of the inauguration before falling to a low of $100,000.
According to CryptoSlate data, Bitcoin maintained a six-figure price level of roughly $103,500 as of press time.
Optimism under Trump
Overall, Bitcoin has rallied nearly 50% since Trumps election in November, with investors buoyed by expectations of favorable policies.
Recent data highlights strong institutional interest in digital assets. Last week, Bitcoin exchange-traded products (ETPs) recorded $1.9 billion in inflows, part of a larger $2.2 billion total inflow into crypto-focused ETPs.
Adding to the momentum, Trumps newly launched memecoin, TRUMP, debuted on the Solana blockchain, skyrocketing 490% in value within 24 hours. The tokens rapid rise pushed its market capitalization to nearly $11 billion before a sell pressure kicked in for a correction.
Although a proposed strategic Bitcoin reserve remains speculative, betting platforms suggest a 60% chance of such an initiative materializing within the year.
Industry leaders remain hopeful that Trumps presidency will catalyze a period of growth and regulatory clarity for cryptocurrencies, fostering broader adoption and integration across financial systems.
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Text source: CryptoSlate
