An executive order that may be signed by Donald Trump's administration promises to change banks' approach to cryptocurrency companies. This could be one of the most significant steps toward crypto adoption in recent years.
Introduction of the New Order
According to recent reports, Trump’s new executive order may prevent American banks from refusing service to individuals and companies involved in cryptocurrencies. This means that crypto assets will be treated as a legal part of the financial system.
Changes in Banking Regulations
Until now, traditional financial institutions have often shied away from cooperating with crypto companies, using 'reputational risks' as the main justification. However, the Federal Reserve has now removed these risks from its banking oversight protocols, which paves the way for clear regulations.
Impact on the Crypto Industry
The proposed order will also introduce penalties for banks that engage in politically motivated discrimination. This will open the doors to new opportunities in the financial sector, which could profoundly impact legitimacy, access to funding, and innovation in the crypto industry.
The ongoing changes may lead to significant integration of cryptocurrencies into the traditional financial system. This opens up new prospects for projects with long-term utility and may lead to real adoption of cryptocurrencies as an important part of the economy.
