US President Donald Trump reportedly reclaimed the regulations that restrict banking access to crypto money companies if he returned to office. The prepared executive order aims to reduce the impact of policies called “Operation ChoketPoint 2.0 ve and prevent banks from serving crypto currency companies. The regulation is expected to facilitate access to financial services in the sector and provide the opportunity to establish a direct relationship with the FED. The White House officials announced that the efforts to remove restrictions are at the last stage.
New Steps Against Operation Choketepoint 2.0
The Trump administration is preparing to reversed policies implemented during Biden and leading to the exclusion of crypto money companies from banking services. This application, called “Operation ChoKokin 2.0, includes printing elements to determine banks’ working with crypto -related businesses. With the new executive order, the obstacles to financial institutions in order to serve companies in this field are planned to be removed.
Bo Hines, Executive Director of the Presidency on digital assets, said to the sector representatives, “concrete developments can be expected in the short term”. Fed’s central accounts will be solved in terms of access to the problems said. During the Biden administration, access to the central accounts of crypto -oriented banks such as Custodia was rejected, which led to the restriction of services.
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Reform in Fed and Banking Access
Another objective of the executive order is to strengthen the infrastructure that will enable crypto currency companies to process directly with the FED. During the Biden period, the failure of the accounts connected to this institution was interrupted by financial operations in the sector. The order, which Trump plans to sign, will include new rules for the definition and regulation of stabilcoins.
In his speech at the Senate Banking Committee, Senator Elizabeth Warren said, “Debanking is an unacceptable problem. It needs to be solved, ”he expressed his desire to cooperate with the Trump administration. This statement of Warren gave signals of a compromise of parties. The preparation of an order that focuses on crypto money regulations for the third time since Trump’s return to office points out that the transformation in the sector will accelerate.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
