Donald Trump, the President of the United States, is preparing an executive order to lift banking restrictions imposed on crypto companies during the Biden administration. The aim of this executive order is to eliminate regulatory policies that limited crypto companies’ access to banking services. It is reported that this order will cancel regulations related to ‘Operation Choke Point 2.0′, a policy that pressured banks to refrain from providing services to crypto-related businesses. White House officials have confirmed that these restrictions will be lifted soon. The executive order targets Federal Reserve policies that had hindered banks and centralized crypto companies from accessing primary accounts necessary for direct dealings with the Federal Reserve and national-level activities. In Biden’s era, banks like Custodia were deprived of these accounts, severely restricting financial services to crypto companies. Meanwhile, Jerome Powell, the Federal Reserve Chair, has affirmed concerns about cutting off crypto companies’ access to banks, stating that this issue needs review. On the other hand, Caitlin Long, CEO of Custodia, has criticized the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) for their strict policies against crypto banks. In an interesting development, Senator Elizabeth Warren, who was previously a staunch supporter of strict crypto market regulations, has now expressed readiness to cooperate with the Trump administration in resolving the banking access issue. A senior White House official has stated that legal considerations are under review, and there is a possibility of signing this executive order by the end of the current week. This action could be a turning point for the crypto industry, paving the way for growth and broader acceptance.
