Former President Donald Trump is preparing to issue an order aimed at protecting crypto companies from banking discrimination based on political views and industry affiliation.
What Does Trump's Order Include?
According to The Wall Street Journal, Trump plans to issue an order that would prevent banks from denying services to crypto firms based on political motivations. Key aspects of the initiative include:
* A ban on politically motivated debanking of crypto companies. * Support for clearer rules on how banks assess risks for crypto firms. * Reinforcement of earlier Fed guidance removing reputational risk as a bank examination factor.
The policy change aims to eliminate unfair barriers and normalize access to financial infrastructure for crypto startups.
Significance for the Crypto Industry
This potential order could:
* Rebuild trust between banks and digital assets. * Reverse years of aggressive banking crackdowns on crypto—especially post-SVB, Signature, and Silvergate failures. * Signal a strong pro-crypto posture for Trump's 2025 agenda, alongside other initiatives such as establishing digital asset reserves.
Industry and Political Response
Trump's move aligns with broader Republican efforts to defend access to banking services regardless of political views or industry affiliation. Several lawmakers and crypto advocates have welcomed this potential shift, viewing it as an important step toward ensuring fair treatment of crypto businesses nationwide.
The expected changes in banking policy regarding cryptocurrency firms could significantly impact the industry, particularly in the context of Trump's upcoming order. The next step will be to observe how the implementation of this order will affect the crypto market.
