Circle CEO calls for reversal of restrictive crypto rules at Davos

Jeremy Allaire, CEO of Circle, which issues the USDC stablecoin, emphasized during the World Economic Forum in Davos the need to repeal restrictive measures like the U.S. Securities and Exchange Commission's (SEC) Staff Accounting Bulletin (SAB) 121, according to CryptoSlate. This rule requires companies holding customer cryptocurrencies to list these assets as liabilities at their fair value on balance sheets. Allaire argued that SAB 121 discourages banks and financial institutions from holding cryptocurrencies, and repealing it could greatly advance the incorporation of digital assets into traditional finance.