US President Donald Trump is set to sign an executive order easing banking restrictions for the crypto industry imposed by the Biden administration.
The Biden Administration’s Stance on Crypto
Under Biden, the crypto industry faced significant regulatory hurdles. Limited access to banking services poses challenges for businesses dealing with digital assets. 'Operation Chokepoint 2.0' became a key point of criticism as it denied crypto companies banking services.
How Trump's Executive Order Could Change the Game
Trump's upcoming order aims to lift these restrictions and open up the banking system for crypto businesses. Access to Federal Reserve's 'master accounts' is crucial as they legitimize companies within the US financial system.
Potential Ripple Effects of the Executive Order
The order could reduce operational barriers, boost the industry's legitimacy, and encourage innovation. However, the Federal Reserve could pose a hurdle due to its independent policies.
Trump's order could reshape the crypto industry landscape by easing banking access and creating development opportunities in the US.
