US President Donald Trump instructed federal institutions to initiate comprehensive regulatory preparations to ensure the compatibility of digital assets and new generation financial technologies with existing payment and financial systems. The decree signed at the White House aims to integrate digital assets and innovative technologies into the financial sector.
The aim of simplification in regulations
In the presidential decree, the simplification of regulatory processes came to the fore in order to make the US financial system compatible with the future. The document stated that a policy was adopted that encourages cooperation between financial technology companies, federal financial institutions and regulators and focuses on removing unnecessary obstacles.
Within the scope of the regulation, financial regulators were asked to review their existing rules within the next three months. After this review, it is expected that legislation that creates additional obstacles for financial technology companies to cooperate with federal institutions will be identified. Within six months, the way will be cleared for regulators to take steps to accelerate innovation.
Access to Central Bank and payment accounts
With the decree, important expectations were also expressed from the US Federal Reserve. The Fed is expected to reevaluate how it provides uninsured depository institutions and nonbanking financial companies access to payment accounts.
He was also asked whether the Fed’s 12 regional banks could allocate payment accounts independently of central management. It was emphasized that this issue could make special purpose deposit institutions especially in Wyoming advantageous. Earlier in the year, the US Federal Reserve Kansas Branch granted a limited-access “master account” permit to a Wyoming-based digital banking startup called Kraken. Similarly, other companies have also applied for this type of access.
Mini dictionary: Wyoming SPDI (Special Purpose Depository Institution) is a new generation financial institution model that, unlike traditional banks, offers special services such as cryptocurrency and digital asset custody and is licensed at the state level.
The Federal Reserve published a proposal in December last year for a type of “skinny” main account in which some institutions could operate within a narrower scope. If this proposal is implemented, it will be easier for digital finance companies to have direct access to payment systems.
Transparency in banking and the fight against illegal transactions
The second decree signed by Trump focuses on combating illegal transactions in the financial system. The instruction given to the Ministry of Treasury and relevant regulators aimed to strengthen the Bank Secrecy Act and to provide stricter supervision of unregistered money transfer services and payments made through peer-to-peer platforms.
In this context, it will be necessary to prevent undocumented immigrants from opening bank accounts or accessing payment services illegally, and to identify platforms that facilitate “unregistered” fee payments. The Treasury Department has been instructed to closely monitor third-party payment providers and intermediary businesses that violate bank secrecy.
Meeting of crypto finance and traditional system
Two comprehensive decrees of the American administration aim to both support new financial technologies and ensure the security of the system. These steps taken at a time when cryptocurrencies and digital asset-based financial products are becoming widespread may open the doors to a new era of cooperation between the industry and regulators.
| Subject | Classic Bank | Wyoming SPDI |
|---|---|---|
| Service Area | Traditional money and credit services | Crypto asset storage and payment |
| License Type | Federal and state licenses | Wyoming state licensed |
| Access to Payment System | Full access with master account | Limited or specially authorized access |
“The policy of the United States is to simplify regulatory processes, remove unnecessary barriers, and promote cooperation between financial technology companies and federal agencies,” the executive order reads. The statement was included.
