President Biden’s “Operation Chokepoint 2.0” policy has been criticized for causing difficulties for the cryptocurrency industry in the United States. President Donald Trump, a crypto advocate, criticized banks cutting ties with crypto companies, calling it a dangerous and detrimental trend. He said that this situation originated from Biden’s policy and continues to cause difficulties for the cryptocurrency market in the country.
Criticism of the banking sector and management risks
In an Oval Office speech on June 28, Trump highlighted the banking blackout, saying that banks are “very afraid of regulators.” He noted that many banks have become hostile to cryptocurrency companies due to pressure from regulators.
The story comes after Mr Trump spoke to journalist Sander Lutz. When asked about the possibility of signing an executive order to address the issue, Mr Trump said that the banking blackouts “continue to this day”.
Is there a conflict of interest?
When asked about the possibility of distancing himself from his family’s cryptocurrency projects to avoid conflicts of interest, Trump did not give a clear answer. Instead, he emphasized the strategic importance of embracing digital assets, suggesting that if the United States ignored cryptocurrencies, rival countries like China would seize the opportunity. He said many Democrats did not support cryptocurrency legislation because of his family’s personal projects.
The war between two governments
The Trump and Biden administrations’ approaches to crypto banking access are in stark contrast. Under the Biden administration, regulators have reportedly asked banks to cut ties with digital asset companies, while moving to appease industry frustration.
In contrast, the Trump administration is looking to remove these barriers by reversing controversial policies. He has restored anti-discrimination rules in banking and taken executive actions to prevent banks from excluding cryptocurrency companies from financial services.
Challenge from Jerome Powell
Trump also renewed his criticism of Federal Reserve Chairman Jerome Powell, whom he appointed, calling him a “stubborn donkey” and calling for his resignation. The clash came after Powell expressed a positive view of the bank’s involvement in the cryptocurrency space, as long as strong risk controls are in place.
Recent reports also indicate that an executive order is on the way that would prohibit banks from denying services to crypto companies based on their industry or political affiliation. If enacted, the regulation would mark a major step in restoring fair financial access to the crypto industry.
The Return of Cryptocurrency and the Future Ahead
With the statements and actions from the Trump administration, the crypto industry may see a more optimistic future. If the government introduces supportive policies and ensures fair financial access, the industry could thrive in the coming years.
Clearly identifying the challenges in management and the actions taken by the current government can help companies in this sector find a more reasonable and sustainable direction for the future.
Source: https://tintucbitcoin.com/trump-chi-trich-fed-biden-ve-de-doa-kinh-te/
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