The White House is finalizing an executive order aimed at penalizing banks that discriminate against crypto companies. This initiative, backed by President Donald Trump, may improve access to financial services for tokens and entities in the crypto industry.
Goals of the White House Order
The order seeks to combat discrimination by banks in providing services to crypto companies. Banks found denying services to these companies may face financial penalties and other forms of repercussions.
Implications for Banks and the Crypto Industry
It is expected that the order will lower operational barriers for crypto companies in the U.S. This could increase liquidity in the onshore crypto market and reduce reliance on offshore banking. Monetary fines and consent decrees may be imposed on non-compliant banks.
Reactions from the Crypto Community
Industry leaders view this move as a positive development for the growth of all assets and infrastructure in the crypto space. For instance, Changpeng Zhao, founder of Binance, stated that this decision will help improve access to banking services for crypto firms and support the growth of figures such as Bitcoin and Ethereum.
Anticipated changes in banking policy could positively impact the development of the crypto industry in the U.S. by providing broader access to banking services for cryptocurrency companies. This could facilitate liquidity and availability of digital assets in the domestic market.
