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Jeremy Allaire, the CEO of Circle, is hopeful that US President Donald Trump will soon make an executive order to make it easier for banks to engage in digital asset custody. In an interview at the Reuters Global Markets Forum at the World Economic Forum in Davos, Switzerland, Allaire said that such orders could be issued “soon”, but he did not give an exact time frame. Concerns over SAB 121 A key issue raised is the Staff Accounting Bulletin (SAB) 121 of the Securities and Exchange Commission. This framework essentially bars financial institutions from having crypto assets on their books has been a cause of concern among crypto leaders. Allaire added that though the Congress had once voted to repeal SAB 121, President Joe Biden vetoed the same. Biden had said that his administration would not support policies that would hurt consumers and investors. Crypto executives, including Allaire, noted that the purpose of SAB 121 is not to protect investors but to slow down the growth of new technologies. Allaire noted that the rule has made it even more challenging for banks and other financial companies to add cryptocurrencies into their existing portfolios as described by Allaire as “punitive”. Apart from public statements, Allaire’s company, Circle, has also contributed financially to Trump’s administration. On January 9th, it was disclosed that the company donated USD 1 million to Trump’s inauguration with donations made in USDC stablecoin. Trump’s inauguration and crypto market impact While many people expected Trump to take a positive view on cryptocurrencies, the new president remained silent about digital assets during his inauguration on January 20th. This left the individuals who expected the alleged pro-crypto president to discuss token regulation and make cryptocurrency a national concern unhappy. In his 40-minute speech, Trump discussed immigration, declaring a national emergency at…