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In a significant step for the U.S. cryptocurrency sector, former President Donald Trump has signed an executive order to protect crypto businesses from unfair banking rules. The order, announced on Thursday, stops federal agencies from using "reputational risk" as a reason to prevent banks from providing services to companies in the cryptocurrency field.
A report by Jinse Finance noted that the White House stated previous regulatory actions based on unclear reputational concerns have weakened public trust in the financial system and caused economic harm to honest citizens and businesses. This executive order is seen as a direct response to the controversial “Chokepoint 2.0” initiative, which allegedly led to many bank accounts tied to the crypto industry being closed.
In light of the new directive, major federal agencies, including the Federal Reserve, have promised to stop using “reputational risk” to evaluate banking relationships. This change should greatly improve access to traditional financial services for crypto companies, many of which have had difficulty maintaining stable banking partnerships.
Several Republican lawmakers strongly support the executive order, calling it an essential step to fight financial discrimination and promote transparency in the regulatory landscape. They believe the new policy will help create a more inclusive financial system and encourage innovation in new technologies like blockchain and digital assets.
This action highlights Trump’s increasing support for the crypto sector and may significantly influence future financial policies, especially as digital currencies gain more mainstream acceptance.
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