According to recent reports, the U.S. government is working on a new executive order that could punish banks for closing the accounts of companies dealing with virtual assets based on political views.
Reasons and Timing of the New Order
The timing of this order is strategic. After years of conflict between traditional finance and crypto firms, high-profile cases of account closures have highlighted the severity of the issue.
Banks' Justifications and Claims of Discrimination
Banks defend their actions by citing risks related to money laundering and stricter regulations. However, industry representatives view this as a facade for crypto discrimination, arguing it's a battle between financial freedom and traditional system control.
Consequences of the Order for the Crypto Industry
If signed by the president, the order would require banks to amend their rules concerning crypto companies. This may improve access to loans for startups and enhance legal protections in the sector.
The adoption of this order could mark a turning point for the U.S. crypto industry, opening up new opportunities for growth in the largest financial market. However, tensions with traditional financial institutions may not diminish.
