Allegedly, US President Donald Trump is preparing to sign an executive order that requires the Federal Reserve (FED) crypto companies to access the country’s banking system. According to the news shared by Decrypt, this order aims to eliminate the restrictions brought during the Biden administration period and prevent crypto -friendly banks from gaining access to the main accounts of the FED.
Is a new decision coming from Trump for crypto currencies?
In the crypto industry, the Trump administration is taking action against the arrangement, which is called “Operation Choketpoint 2.0 ve and allegedly aimed to exclude crypto companies from banking services. Bo Hines, the Executive Director of the Presidency Digital Assets Working Group, told Decrypt to Decrypt, “I think the industry can expect a movement soon,” he said.
During the reign of Joe Biden, he rejected the requests of crypto -oriented banks such as federal reserves and Custodia, and kept these banks away from the country’s basic financial infrastructure. Without access to the main accounts, American banks had to adhere to intermediary institutions and it was not possible to provide financial services at national level.
Watch out for Thursday
The executive order, in which Trump is preparing to sign, aims to eliminate these obstacles and bring crypto banks to equal levels with traditional financial institutions. The FED, which is technically an independent institution, is not subject to direct guidance of the Presidency in its policy decisions, but Trump is preparing to create serious pressure on this issue.
According to the news, before the signing of Trump’s executive order, legal consultants will meet on Thursday and evaluate potential legal objections. The aim is to eliminate the latest obstacles that prevent crypto companies from accessing financial services.
New step from republicans to the “risk of reputation” restrictions in banking
The debate about accessing crypto banking is not limited to the White House. Last week, Tim Scott, President of the Senate Banking Committee, presented a draft law, called “Financial Integrity and Regulation Management (FIRM) ACT ve and prohibits banks’ use of the risk of reputation ası in service rejection decisions. Scott claimed that regulators exclude certain industries from the financial system by suggesting the “risk of reputation” and said, ız We should let our banks make decisions based on credit value, not the pressure of the regulators ”.
The crypto industry has long argued that exclusion from banks for a long time is a major problem. Republicans claim that such a policy implementation is based on the Operation Choke Point program program in Obama era, and that it is actually a new version. Coinbase CEO Brian Armstrong and Anchorage CEO Nathan McCauley, in their statements in the congress sessions in January and February, institutions such as FED, FDIC and OCC consciously tried to keep their crypto companies out of the system.
Trump’s new executive order will be the third largest crypto arrangement that he will sign after his return. The first executive order he signed in January was the Digital Asset Stock and the Presidential Digital Asset Markets Working Group. The second order he signed last week was aimed at establishing a strategic Bitcoin reserve.
