U.S. President Donald Trump has just signed an executive order preventing federal agencies from pressuring financial institutions that work with cryptocurrency businesses, officially removing 'reputational risk' as a reason for tightening controls.
This move ends the state of unbanking – the unreasonable closure of bank accounts for individuals and crypto businesses – which has severely harmed legitimate business operations.
The executive order received strong support from Republican lawmakers, including House Financial Services Committee Chairman French Hill and Senator Cynthia Lummis. Hill called it a 'significant step towards ensuring transparency and accountability,' while Lummis emphasized that the order 'creates a fair legal environment, promoting sustainable development for the industry.'
Main impact:
Removing the barrier of 'reputational risk' for banks collaborating with crypto businesses.
Improving the operating environment, strengthening trust, and promoting financial innovation.
Sending a strong signal about the Trump administration's support for crypto.
