Donald Trump’s inauguration as the 47th US President has sparked excitement in the crypto space, with expectations of a crypto revamp. Notably, While Trump has announced plans for 100+ executive orders, experts predict potential policy changes, including revisions to banks’ crypto trading practices and an end to the controversial Operation Chokepoint 2.0 under the new administration.
As per a latest report from Reuters, Circle CEO Jeremy Allaire has stated that Trump plans to announce key executive orders right after his inauguration. Allaire believes these policies will simplify crypto trading for banks, allowing clients to invest in and hold digital assets more easily.
Trump has promised to be a crypto president and is expected to issue executive orders aimed at reducing crypto regulatory roadblocks and promoting widespread adoption of digital assets following his inauguration on Monday.
Circle CEO Optimisitc Over Trump’s Potential Crypto Policies
Notably, Circle CEO Jeremy Allaire is optimistic about Donald Trump’s potential crypto policies, including enabling banks to offer crypto trading services. He specifically anticipates the rejection of the SEC’s Staff Accounting Bulletin 121 (SAB 121), which, according to Allaire, made it punitive for banks and financial institutions to hold crypto assets on their balance sheets.
Allaire is eager for the repeal of SAB 121. “I’m strongly in favour of repealing it and I would hope that President Trump would take that action,” he noted and also called for Congress’ action in introducing a comprehensive crypto regulatory framework. Allaire expects renewed activity from Congress on digital asset regulations, adding, “We expect Committee work to be very active, literally in the coming weeks”.
Operation Chokepoint 2.0
The Operation Chokepoint 2.0, which is the alleged government crackdown on the crypto industry, has been isolating crypto companies from the broader financial sector. This increased scrutiny by the SEC and FDIC has led banks to halt crypto-related activities.
While some see this as indirect regulation, XRP lawyer John Deaton urged the government to take effective steps to tackle Operation Chokepoint 2.0. With Trump planning over 100 executive orders on his first day, there’s speculation about potential crypto policies, including a Bitcoin reserve.
Experts and the crypto community await an overhaul of crypto regulations under the new pro crypto SEC Chair Paul Atkins. Clarifications on digital assets’ security status could lead to a resolution of high-profile cases like the Ripple-SEC lawsuit while the industry hopes for crypto-friendly policies.
Crypto Not A Priority?
However, Donald Trump’s administration did not mention crypto as a top priority in a document sent to Republican lawmakers, nor did he address it in his inauguration speech, which has surprised the crypto community. Besides, the Bitcoin price has dropped following these developments.
