The White House has indeed pulled a big move this time!
According to the latest news, the Trump administration is preparing an executive order specifically aimed at combating banks' discriminatory practices against cryptocurrency companies. If banks refuse to provide services to crypto enterprises for political reasons or industry bias, they will face severe penalties, including fines and legal lawsuits.
1. Banks will no longer dare to arbitrarily shut down crypto companies
In recent years, many crypto enterprises have complained about banks closing their accounts for no reason, with well-known platforms like Coinbase and Gemini encountering similar issues. Some banks have even directly told customers that if their main income comes from cryptocurrency, their accounts will be closed.
2. The barriers between traditional finance and cryptocurrency are disappearing
This is not just a matter of an executive order; the entire policy environment is changing. In March of this year, the U.S. passed the GENIUS Act, allowing banks to provide crypto custody services; in April, the Federal Reserve abolished policies restricting banks from servicing crypto enterprises. Coupled with the current tough stance from the White House, the cooperation barriers between banks and the crypto industry have essentially been cleared. In the future, institutional funds entering the cryptocurrency market will be smoother.
3. The Trump administration's "crypto-friendly" policies are becoming increasingly evident
From stablecoin legislation to tax incentives, and now this adjustment in bank regulation, the Trump team has been active in promoting the legalization of cryptocurrency. Even the SEC has started to adjust its strategy and reduce its crackdown on the crypto industry.
4. What does this mean for ordinary investors?
More stable inflows and outflows: With banks servicing crypto enterprises, the fiat channels of exchanges will be more reliable, and there will be no sudden closures to worry about.
Accelerated institutional fund inflow: Traditional financial institutions like Goldman Sachs and JPMorgan Chase are already laying out their crypto business, and more compliant products may be launched in the future.
Increased market confidence: With reduced regulatory uncertainty, inflows into Bitcoin and Ethereum ETFs have reached new highs, potentially driving a new bull market.
Summary
This policy from the White House is a significant turning point for the cryptocurrency industry, and the issue of bank discrimination is expected to be completely resolved. Although the market may experience fluctuations in the short term, in the long run, the improved policy environment and influx of institutional funds still hold great growth potential for the cryptocurrency market.
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