Trump’s Executive Order Could Open US Banking to Crypto
- A new executive order signed by President Donald Trump could allow Wyoming’s special purpose depository institutions access to a Federal Reserve master account.
- The order directs the Federal Reserve’s Board of Governors to consider granting digital asset companies direct access to Reserve Bank payment accounts and services.
- Federal agencies like the SEC and CFTC have been given a deadline of 90 days to review policies that may block fintech firms from partnering with federally regulated banks.
- The executive order aims to reduce barriers for fintech companies, promoting cooperation with traditional financial institutions while maintaining consumer protection and market integrity.
This executive order marks a significant shift in policy, potentially integrating DeFi and other technology-driven financial companies into the mainstream US banking system. The move contrasts with previous calls for tighter restrictions on crypto banking access.
The directive could facilitate easier application processes for bank charters and federal approvals for fintech firms, indicating a broader acceptance of Bitcoin and digital assets in traditional finance sectors. (Source)
