Circle CEO ‘strongly in favor’ of Trump repealing SAB 121

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Circle CEO 'Strongly in Favor' of Trump Repealing SAB 121

Jeremy Allaire, the CEO of Circle, a cryptocurrency company, has expressed his strong support for President Trump's decision to repeal the Secure Assets for Financial Enterprises (SAFE) Banking Act (SAB 121). In a recent interview, Allaire argued that the SAFE Banking Act would have created unnecessary regulatory burdens for cryptocurrency businesses and stifled innovation in the industry.

The SAFE Banking Act was a bipartisan bill that would have provided a safe harbor for banks and other financial institutions that provide services to cryptocurrency businesses. Supporters of the bill argued that it would have helped to legitimize the cryptocurrency industry and make it more accessible to mainstream investors.

However, Allaire and other critics of the bill argued that it would have created a false sense of security for cryptocurrency businesses and that it would have made it more difficult for regulators to crack down on illicit activities in the industry.

Allaire's comments come as the cryptocurrency industry is facing increasing scrutiny from regulators around the world. In recent months, several major cryptocurrency exchanges have been fined or shut down for operating without proper licenses or for engaging in illegal activities.

The Trump administration has taken a relatively hands-off approach to regulating the cryptocurrency industry, but it is unclear whether this will continue to be the case in the future. If the administration decides to take a more aggressive approach to regulation, it could have a significant impact on the industry.

For now, Allaire and other cryptocurrency advocates are celebrating the repeal of the SAFE Banking Act. They believe that this will give the industry the freedom to innovate and grow without the burden of unnecessary regulation.

(Source: CoinDesk, January 15, 2023)

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