Trump Crypto Initiative To Transform the Future of Crypto Banking
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7 days ago
Trump Crypto Executive Order: A Game Changer For Crypto Banking?
Donald Trump to Sign Executive Order to Remove Crypto Banking Barriers
President Donald Trump is set to sign an executive order to remove crypto banking restrictions. This move is expected to reverse rules linked to “Operation Chokepoint 2.0.” Many in the crypto industry believe these rules pressured banks to avoid working with crypto businesses.
Trump’s order aims to make it easier for banks to work with crypto-related firms. Industry leaders have long criticized previous regulations, arguing that they unfairly limited access to financial services.
Bo Hines, Executive Director of the Presidential Working Group on Digital Assets, confirmed the move. “I think that the industry can expect something in short order there,” he said. However, details of the order are yet to be released.
Potential Changes to Federal Reserve Policies?
President Donald Trump’s executive order could also address Federal Reserve policies that previously restricted crypto-focused banks from obtaining master accounts. These accounts are crucial as they enable banks to transact directly with the Federal Reserve and operate on a national scale.
Banks like Custodia were denied access, making it hard for them to serve crypto businesses. Federal Reserve Chairman Jerome Powell recently admitted concerns about this issue and promised a “fresh look.”
Caitlin Long, CEO of Custodia Bank, has criticized the Fed and the FDIC claiming they have been tougher on crypto banking than the Office of the Comptroller of the Currency (OCC). The OCC recently relaxed some of its restrictions.
Can Trump Change Federal Reserve Rules? The Federal Reserve is an independent body. It does not need approval from the president or Congress to make decisions. While Trump’s executive order can push for change, the Fed may not be required to follow it.
Turkey Embraces Crypto Banking Before the US —Is the US Next?
Turkey has already taken a significant step by allowing its banks to engage in crypto services, with institutions like Garanti BBVA launching crypto trading and custody platforms. This move highlights Turkey’s openness to digital assets and its recognition of growing market demand. With Turkey ranking as the third-largest market in cryptocurrency adoption, its regulatory stance sets a precedent for other nations. As the U.S. navigates its own crypto policies, questions arise about whether it will follow suit by enabling traditional banks to directly engage with digital assets, potentially easing restrictions on crypto-focused financial services.
Legal Challenges Ahead?
Trump’s administration is moving quickly on various policy issues, including crypto banking. Some of these policies have already faced legal challenges.
Read more:- https://www.coingabbar.com/en/crypto-currency-news/trump-crypto-plan-the-next-big-shift-in-crypto-banking
Donald Trump to Sign Executive Order to Remove Crypto Banking Barriers
President Donald Trump is set to sign an executive order to remove crypto banking restrictions. This move is expected to reverse rules linked to “Operation Chokepoint 2.0.” Many in the crypto industry believe these rules pressured banks to avoid working with crypto businesses.
Trump’s order aims to make it easier for banks to work with crypto-related firms. Industry leaders have long criticized previous regulations, arguing that they unfairly limited access to financial services.
Bo Hines, Executive Director of the Presidential Working Group on Digital Assets, confirmed the move. “I think that the industry can expect something in short order there,” he said. However, details of the order are yet to be released.
Potential Changes to Federal Reserve Policies?
President Donald Trump’s executive order could also address Federal Reserve policies that previously restricted crypto-focused banks from obtaining master accounts. These accounts are crucial as they enable banks to transact directly with the Federal Reserve and operate on a national scale.
Banks like Custodia were denied access, making it hard for them to serve crypto businesses. Federal Reserve Chairman Jerome Powell recently admitted concerns about this issue and promised a “fresh look.”
Caitlin Long, CEO of Custodia Bank, has criticized the Fed and the FDIC claiming they have been tougher on crypto banking than the Office of the Comptroller of the Currency (OCC). The OCC recently relaxed some of its restrictions.
Can Trump Change Federal Reserve Rules? The Federal Reserve is an independent body. It does not need approval from the president or Congress to make decisions. While Trump’s executive order can push for change, the Fed may not be required to follow it.
Turkey Embraces Crypto Banking Before the US —Is the US Next?
Turkey has already taken a significant step by allowing its banks to engage in crypto services, with institutions like Garanti BBVA launching crypto trading and custody platforms. This move highlights Turkey’s openness to digital assets and its recognition of growing market demand. With Turkey ranking as the third-largest market in cryptocurrency adoption, its regulatory stance sets a precedent for other nations. As the U.S. navigates its own crypto policies, questions arise about whether it will follow suit by enabling traditional banks to directly engage with digital assets, potentially easing restrictions on crypto-focused financial services.
Legal Challenges Ahead?
Trump’s administration is moving quickly on various policy issues, including crypto banking. Some of these policies have already faced legal challenges.
Read more:- https://www.coingabbar.com/en/crypto-currency-news/trump-crypto-plan-the-next-big-shift-in-crypto-banking
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