US President Donald Trump is preparing to sign a significant executive order aimed at rolling back anti-crypto banking regulations set by the Biden administration.
Biden Administration’s Stance
Under the Biden administration, the crypto industry has encountered major regulatory challenges. Popular crypto companies face difficulties in accessing traditional banking services, with 'Operation Chokepoint 2.0' particularly hindering their access.
What to Expect from the Executive Order
Trump's upcoming executive order is expected to remove restrictions and make it easier for crypto companies to access traditional banking services, including master accounts at the Federal Reserve.
Challenges Faced by Crypto Businesses
Crypto firms face issues with banking relationships, high compliance costs, and strict regulatory scrutiny. The master account problem is significant as it limits companies' ability to offer core financial services.
Trump's executive order may significantly alter the crypto industry's landscape, but the Federal Reserve's response will be crucial.
