In the dusty corners of the financial world, where the air is thick with the scent of old money and new ideas, Jeremy Allaire, the head honcho of Circle, stood up like a lone coyote howling at the moon. He had a bone to pick with a certain rule from the U.S. Securities and Exchange Commission, a rule that he claimed was as welcome as a rattlesnake at a picnic. 🐍
This rule, known in the hallowed halls of finance as Staff Accounting Bulletin 121, was a beast of a thing. It made it more expensive for banks to even think about holding crypto, treating digital assets like they were a sack of potatoes that had gone bad. The result? Higher capital requirements and a mountain of accounting costs that would make even the most seasoned bean counter weep. 💸
In a chat with Reuters, Allaire lamented, “It’s like trying to swim with a boulder tied to your ankle!” He painted a picture of a world where banks were shackled, unable to embrace the shiny allure of crypto assets. While Circle had already made some friends in the banking world, Allaire hinted that this rule was a wet blanket thrown over the campfire of crypto adoption. 🔥
With a twinkle in his eye, Allaire turned his gaze toward the White House, hoping that President Donald Trump, who had promised to be the “crypto president” (whatever that means), would swoop in like a superhero to save the day. “I’m all for repealing this rule,” he declared, “and I’d hope that President Trump would take that action faster than a jackrabbit on a date!” 🐇
Meanwhile, Faryar Shirzad, the chief policy officer over at Coinbase, chimed in, suggesting that the new administration would likely usher banks into the custodial space like a mother hen leading her chicks. Allaire, with a glint of optimism, expected Congress to roll up its sleeves and get involved in the crypto regulation game soon. After all, when it comes to money, everyone wants a piece of the action! 💰
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2025-01-21 11:23