A new executive order in preparation? After 23 January signed the first decree on cryptocurrencies on January 23, then last week, Donald Trump could sign a third in the coming days. According to Decrypt, this new executive order is to cancel the measure taken by Biden under the Chokepoint 2.0 Operation, which made it difficult to access banking services for crypto companies. Explanation.
- Donald Trump was about to sign an executive order to thwart the anti-drive policy of Biden Administration, which meant potential shocks for industry.
- The decree was able to target the federal reserve system and stablecoins, with deep consequences for crypto banks and classification of stablecoins.
Donald Trump wants to facilitate access to banking services for crypts
According to Decrypt’s information, the President Donald Trump is about to sign a new executive order which would attack the anti -synto policy of Biden, especially those associated withOperation ChokeptiPt 2.0.
We remind you that this operation was a regulatory initiative focused on Refuse to banking services to crypt companies. The industry was widely criticized as an attempt to reduce the growth of the sector.
Bo Hines, Executive Director of the Presidential Working Group for Digital Assets, confirmed that administrative measures were taking place without giving more details. He simply said that “industry can expect something immediate”.
Fed and Stablecoins also influenced this decree?
One potential objectives of this executive order may be Federal reserve (Fed) and his policy concerning the masters. These accounts are necessary for banks to deal directly with the Fed. Within the Biden Fed administration, he refused to grant these accounts to banks focused on cryptocurrencies such as Custodia, which slowed their growth.
If Trump’s executive order changed this policy, this could be the main turning point for the industry of digital assets. However, it is important to realize that the federal reserve system is an independent entity and its decision does not require the approval of the President or other branches of the government.
In addition, the order could also solve the problem stable. One source said it could include guidelines that stable that stablecoins should not be considered financial securities, which would be a victory for the crypt of the industry.
Waiting to see if this new executive order is actually signed, it should be noted that the White House has recently published a document entitled “Main principles for regulating digital assets” This provides some indications in the way Trump’s administration wants to supervise this industry.