Donald Trump, the current US president, is set to issue an executive order undoing Biden crypto banking limits. The order is expected to tackle barriers such as “Operation Chokepoint 2.0,” possibly allowing crypto companies to gain Federal Reserve master accounts. This will reshape how retail and institutional money interact with crypto.
The initiative follows Trump’s pledges at a White House Crypto Summit, where he teased a pro-crypto agenda under his administration. Industry leaders now believe this will involve a national Bitcoin stockpile, an advisory council, and paused litigation. It’s a bold move by Donald Trump by aiming to make crypto a national priority. Bullish!
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Donald Trump Executive Order: Pushing Crypto Adoption
US banks under Biden have always faced tight restrictions on crypto banking due to regulations. Before the Donald Trump administration, policymakers had been cautious, often stifling institutional crypto adoption. But, Trump’s plan can flip this, allowing banks to have custody of digital assets and streamline fiat on-ramps for exchanges.
Circle CEO Jeremy Allaire hinted at this shift, noting Trump’s order might relax bank ownership rules for crypto. This aligns with the vision to integrate crypto into mainstream finance, boosting market liquidity and investor confidence.
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Trump’s team is working to dismantle Operation Chokepoint 2.0, a contentious Biden-era OCC’s (Office of the Controller of the Currency) policy that allegedly restricted crypto firms’ access to banking, pushing many offshore or into financial limbo.
Though not formally titled, Operation Chokepoint 2.0 became shorthand for the regulatory squeeze on crypto-related banks. By ending it, Trump’s forthcoming executive order could free US banks to engage in crypto, accelerating crypto adoption.
As for now, the OCC has softened its stance after the White House Crypto Summit, easing crypto banking rules. This clearly shows that regulators are aligning with Trump’s vision. With banks’ custody of Bitcoin or Ethereum, the institutional players’ game in crypto will change.
Beyond banking, Trump’s plan includes a $20 billion Bitcoin stockpile. This represents strategic reserves like oil, positioning the US as a crypto superpower. It’s a signal to markets that America is all-in on crypto.
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An advisory council of crypto insiders is also on the table. This group would guide policy, ensuring industry voices shape regulations. It’s a huge contrast to the past, where regulators ignored blockchain expertise.
Furthermore, pausing crypto litigation is another pillar. Ongoing SEC cases against firms like Ripple will halt, reducing legal overhang. The ripple effects will hit markets hard. Easier banking access will spike Bitcoin and altcoin prices as institutions pile in. Liquidity will surge with banks acting as new entry points for capital.
The Predicted Aftermath: Bullish for Crypto
If everything goes as planned, the US will be positioned as a crypto hub. While nations like Switzerland and Singapore lead in friendly regulations, America’s pivot will draw firms back, igniting a race for crypto dominance.
Small businesses and exchanges stand to gain, too. Simplified banking will cut costs for crypto startups, now free from navigating hostile financial systems. This will also spark a wave of domestic blockchain innovation in the US.
Although implementation won’t be as smooth, regulatory bodies may resist, and Congress could push back. Yet, Trump’s executive authority gives leeway to act fast, bypassing legislative gridlock.
Subsequently, banks are testing crypto custody solutions now, anticipating a green light. This anticipative stance also shows that the bank industry believes Trump’s plan has legs.
If successful, this could redefine money itself. Banks integrating crypto will normalize digital wallets alongside checking accounts. It’s a future where
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sits next to dollars in everyday finance.
Nevertheless, Donald Trump and his crypto banking executive order are ambitious and not without challenges. If executed, it could indeed change everything for the crypto market.
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Key Takeaways
- Donald Trump will stop Operation Chokepoint 2.0, which will accelerate US crypto adoption.
- The impact of Donald Trump and his crypto banking executive order.
The post Donald Trump Is About to Greenlight US Crypto Banking, and It Could Change Everything appeared first on 99Bitcoins.