Donald Trump Opens Banking Access to Crypto Companies

Bittime - US President Donald Trump is reportedly preparing an executive order to lift restrictions on banking access for crypto companies. This move has the potential to change the digital asset industry. Check out the review here.

Trump's move is believed to end the policy known as "Operation Choke Point 2.0." This policy has been considered to hinder the growth of the crypto industry in the country.

Trump Removes Banking Barriers to Crypto

Source: Los Angeles Times

The executive order that Trump is preparing aims to change policies that have made it difficult for crypto companies to obtain banking services. 

Many crypto companies in the US complain about the difficulty of accessing bank accounts and other financial services due to strict regulations. With this new policy, crypto companies are expected to receive the same treatment as other businesses in accessing banking services.

Read also: Trump Tariff War: Inflation Rising, Growth Slowing?

The move is seen as part of a broader strategy to phase out policies originally aimed at high-risk industries. 

These include high-interest loans and arms trading, but then expand to the crypto sector. Trump wants to ensure that legitimate crypto companies get fair and transparent banking access.

The Federal Reserve and Regulatory Challenges

One significant change that may occur is granting permission for crypto banks to obtain master accounts at the Federal Reserve. 

These accounts allow crypto banks to transact directly with the Fed, without the need for intermediaries. Under President Joe Biden's administration, some banks such as Custodia have been repeatedly denied such access.

However, although this executive order brings a breath of fresh air to the crypto industry, its implementation will not be smooth. The Federal Reserve is an independent institution that is not obliged to follow directions from the White House. 

Some Fed officials may oppose this policy on the grounds of maintaining financial stability and mitigating risks.

Read also: Trump World Liberty Financial (WLFI) Crypto Project Buy 10 Million TRX

The Impact of Trump's Policies on the Crypto Market

Trump's decision to open banking access for crypto companies is predicted to have a major impact on the digital asset market. If this policy works well, the crypto industry in the US could develop more rapidly and attract more institutional investors.

However, until now, the crypto market is still in a volatile condition. Bitcoin and Ethereum prices have decreased due to global economic uncertainty. 

Trump's economic policies, including new tariffs on China, Mexico and Canada, also contributed to market uncertainty. Therefore, although this move is positive for the crypto industry, it is not certain whether it is enough to restore investor confidence.

Reaction and Future Prospects

Trump's move sparked debate among financial industry players. Proponents of this policy argue that giving banking access to crypto companies will make the US a leader in the digital economy. 

However, opponents worry that this policy could increase financial risks if it is not balanced with strict supervision.

The success of this executive order will depend on how US financial regulators respond to it. If successfully implemented, this policy could be a turning point for the crypto industry in the US. 

On the other hand, if you face obstacles from the Fed and other regulators, the impact may not be felt immediately.

FAQ

1. What is the main purpose of Donald Trump's executive order regarding crypto?

The order aims to remove banking access restrictions for crypto companies in the US, so they can operate more easily within the traditional financial system.

2. Why is this policy referred to as the elimination of "Operation Choke Point 2.0"?

Because previous policies limited crypto companies' access to banking services, similar to policies previously applied to other industries considered high risk.

3. Will this policy be implemented immediately?

No. While Trump could sign executive orders, their implementation would depend on financial regulators such as the Federal Reserve, which might provide resistance.

4. How will this policy impact crypto prices?

If these policies are implemented well, the crypto market can get a positive boost due to increased investor confidence. However, global economic factors remain a variable that must be considered.

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Reference 

CoinPepper, Trump Plans Order to End Crypto Banking Restrictions, accessed March 12, 2025.

Author: Y