Donald Trump is cooking up an executive order that could change the game for cryptocurrency in the U.S.
He’s wanting to end the restrictions that have been choking crypto businesses out of the traditional banking system. It’s a bold move, but will it pay off?
Business is business
This whole thing started with what the industry calls Operation Choke Point 2.0. It was meant to target high-risk industries like payday lenders, but somehow crypto firms got caught in the crossfire.
Trump wants to reverse this, giving crypto banks access to the same financial services as everyone else. And let me tell you, this isn’t just about crypto, it’s about fairness.
Why should crypto firms be treated like outcasts when they’re just trying to operate like any other business?
Trump vs. The Fed?
One of the big-ticket items here is getting Federal Reserve master accounts for crypto banks. These accounts are like the golden ticket to the financial world.
They let banks deal directly with the Fed, which is pretty important for stability. But under the Biden administration, crypto banks like Custodia got the cold shoulder.
Trump’s order could change that, but it’s not a done deal. The Fed operates independently, so even if Trump signs the order, it’s up to them to play ball.
Everything is good for Bitcoin?
Now, you might be thinking, “This is great news for crypto!” But hold on, guys. This move is going to face some serious resistance.
Regulatory bodies are not thrilled about losing control, and some experts think the Fed might push back hard. It’s a power play, and we’ll have to see who comes out on top.
Trump’s been making waves in the crypto industry, that’s undeniable, but so far, it’s been more noise than substance.
The market’s still volatile, and some leaders are frustrated that his actions haven’t done much to boost confidence.
But hey, maybe this time will be different. Maybe this executive order will be the spark that sets the crypto world ablaze. Or maybe it’ll just fizzle out. Who knows?
Have you read it yet? VanEck bets big on Avalanche, ETF is coming?
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