President Donald Trump is expected to sign another cryptocurrency executive order soon this week, aiming for the Joe Biden administration’s anti-cryptography policy that has made it difficult for businesses to acquire banking services. A source familiar with the issue said Decryption.
The order will probably try to roll back explicitly Rules and Regulatory Initiatives Related to “Operation Chalk Point 2.0” Sources said there are alleged cases of the Biden administration denying banking services to crypto companies and executives.
When asked, the White House The Presidential Working Group of Boheins, executive director of digital assets, confirmed that the executive order is ongoing, but will not elaborate. “I think the industry can expect something there in a short period of time,” Hines said. Decryption.
Hines also reiterated that the Trump administration is committed to ending all practices related to Operation Choke Point 2.0.– Payday lenders and firearm dealers borrowed from Barack Obama-era Operation Chalk Points, a phrase created by Nick Carter, a partner at Castle Island Ventures.
Details of Trump’s executive order have not been finalized yet, but one source said Decryption This may affect the Federal Reserve policy regarding master accounts.
All federal chartered banks own a master account. This allows direct payment and access to the Fed. Such accounts are important for banks to provide meaningful services to customers across the country. During the Biden administration, the Fed persistently refused to grant master accounts to crypto-centric banks. Supervisionstumbles their growth.
Modifying this policy and allowing Crypto Banks to access the Fed’s services will be a massive development in the digital asset industry.
However, Federal Reserve policies are not usually determined by the White House. The central bank is considered independent and the decision is “It does not require approval from the President of the Government’s Enforcement or Legislative Division or anyone else.”, according to the Fed’s own written policy.
The Trump administration has worked at a fierce speed to achieve policy goals outside of the crypto arena, which is already met with the legal agenda of federal courts. One source said Decryption Senior White House officials plan to meet Thursday to place them on President Trump’s desk for signing before assessing potential legal hurdles regarding the latest crypto order.
Orders may also go beyond banking. Another source said Decryption It can include numerous directives, including crypto assets designed to maintain a stable price, generally pinned to US dollars.
If Trump actually signed such an executive order in the coming days, it would mark a third order dedicated to the code he has signed since taking office.
The first signed on January 23rd, Established A presidential working group in the digital asset market featuring numerous well-known cabinet members. Second, signed last week, order The creation of a US government strategic Bitcoin reserve and another digital asset stockpile for non-Bitcoin crypto assets.
Decryption Previously It has been reported That means Trump’s first crypto-executive order is likely the first of many.
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