US President Donald Trump plans to open a bank to a Bitcoin company this week, reversing the latest anti-description measures imposed by Joe Biden’s management, according to sources in the country’s press.
Decrypted local media reports that the executive order is attempting to dismantle rules related to Operation Chokepoint 2.0. Refuses banking services to cryptocurrency companies. The measure arrived after months of criticism from the industry and denounced the secret financial boycott.
The Chokepoint 2.0 tactic was a term coined by the cryptocurrency sector to describe strategies to limit industry access to the US banking system. Regulators will push banks to move away from Bitcoin-related companies and other digital assets, and will justify lawsuits for risks of financial and reputation.
Last Friday, at the first cryptocurrency summit held at the White House, Trump announced his government would end Operation ChokePoint 2.0. As reported by Cryptonoticia, the president said under the Biden administration, banks were forced to close business and entrepreneurial accounts in the sector. Block transfers and use government “as a weapon against the industry.”
Bo Hies, executive director of the White House Presidential Working Group on Digital Assets; We have confirmed that the executive order is ongoing. Hines declined to provide details, but said the document was authentic and prepared. Hies also reiterated that the Trump administration is trying to eliminate all practices related to Operation Chokepoint 2.0.
The executive order Trump signs this week could affect the Federal Reserve policy regarding master accounts. All banks approved by the federal government have a master account, This will allow direct payments and access to services by the Fed. These accounts are essential for banks to provide important services to customers across the country. During the Biden government, the Fed denied these accounts against cryptocurrency-focused banks.
Meanwhile, if Trump really signed this order in the coming days, it would be the third dedicated to cryptocurrency since he took office. As reported by Cryptonotics, the first order issued in January focused on ordering the creation of digital asset reserves. The second signed last week prioritized the formation of a strategic Bitcoin reserve. This third order would integrate Trump’s approach to sector-favorable regulations.
The possibility of signing this executive order comes after recent changes in regulatory panoramas. The US Office of Currency has given country banks a green light to challenge the cryptocurrency ecosystem.
Permitted activities include custody, purchase, sale and loans where safety and financial stability regulations are met. This guarantee is in contrast to previous limitations And align with the banking system along with the Trump administration’s priorities.
(tagstotranslate)Banks and Insurance
