Crypto Rav
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Trump Does Not Repeal Bidenโs Executive Order 14067 on Digital Assets
Donald Trump, the 47th President of the United States, revoked 78 executive orders on his first day in office. However, Executive Order 14067, introduced by President Joe Biden, remained untouched. This decision has sparked significant debate, particularly among cryptocurrency advocates, as the order has been linked to policies seen as restrictive to the crypto industry.
Financial analyst Adam Cochran highlighted this omission, emphasizing that the executive order grants regulatory agencies broad authority over cryptocurrency-related businesses. Cochran criticized the administration for maintaining what he referred to as "Operation Choke Point 2.0," a policy some allege restricts crypto firms' access to banking services, similar to the original Operation Choke Point targeting high-risk industries.
Overview of Executive Order 14067
Signed by President Biden on March 9, 2022, Executive Order 14067 focuses on the "responsible development of digital assets." Critics argue that it enabled regulatory actions that have marginalized crypto firms within the financial system. The policy has been compared to Operation Choke Point, which sought to curtail certain industries' access to banking. Since its implementation, prominent crypto-friendly banks like Silvergate Bank and Signature Bank have faced closures, raising concerns about regulatory overreach.
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Reaction from the Crypto Community
Many in the cryptocurrency sector anticipated that Trump would repeal Executive Order 14067 as part of his campaign promises. During the 2024 Bitcoin Conference, Trump pledged to end Operation Choke Point 2.0, describing it as discriminatory against digital currencies. Despite this, Cochran noted that the executive order remains unchanged, leaving regulatory agencies with substantial authority over crypto businesses.
Cochran also expressed frustration that while Trump's administration has focused on dismantling Biden-era policies such as the Inflation Reduction Act, it has not addressed regulatory challenges in the crypto sector. This omission has generated concern about the short-term implications for businesses and investors.
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Operation Choke Point 2.0: Allegations and Impact
Critics accuse federal regulators of reviving the tactics of Operation Choke Point to target the cryptocurrency industry. While the Biden administration has denied the existence of such a program, enforcement actions by agencies like the SEC, FDIC, and OCC suggest otherwise. In January 2023, regulators issued a joint statement cautioning banks about the risks associated with crypto operations. Subsequent enforcement measures led to the closure of several crypto-friendly financial institutions, such as New York's Signature Bank.
Paul Grewal, Coinbase's Chief Legal Officer, has revealed that some banks received explicit instructions to cease facilitating crypto-related transactions. These actions have further fueled speculation about a coordinated effort to undermine the cryptocurrency sector.
The Ross Ulbricht Debate
The decision to leave Executive Order 14067 intact also reignites another debate: the fate of Ross Ulbricht, founder of the Silk Road. Many in the libertarian and crypto communities have called for Trump to commute Ulbricht's prison sentence, but no action has been taken. This has left crypto enthusiasts questioning the administration's commitment to supporting their interests.
As the Trump administration navigates its priorities, the future of digital assets, crypto businesses, and related policies remains uncertain. The industry now awaits further developments that could shape its trajectory.
#TrumpMarketInsights #Write2Earn
Financial analyst Adam Cochran highlighted this omission, emphasizing that the executive order grants regulatory agencies broad authority over cryptocurrency-related businesses. Cochran criticized the administration for maintaining what he referred to as "Operation Choke Point 2.0," a policy some allege restricts crypto firms' access to banking services, similar to the original Operation Choke Point targeting high-risk industries.
Overview of Executive Order 14067
Signed by President Biden on March 9, 2022, Executive Order 14067 focuses on the "responsible development of digital assets." Critics argue that it enabled regulatory actions that have marginalized crypto firms within the financial system. The policy has been compared to Operation Choke Point, which sought to curtail certain industries' access to banking. Since its implementation, prominent crypto-friendly banks like Silvergate Bank and Signature Bank have faced closures, raising concerns about regulatory overreach.
Join my binance live stream for professional trading guidance
Reaction from the Crypto Community
Many in the cryptocurrency sector anticipated that Trump would repeal Executive Order 14067 as part of his campaign promises. During the 2024 Bitcoin Conference, Trump pledged to end Operation Choke Point 2.0, describing it as discriminatory against digital currencies. Despite this, Cochran noted that the executive order remains unchanged, leaving regulatory agencies with substantial authority over crypto businesses.
Cochran also expressed frustration that while Trump's administration has focused on dismantling Biden-era policies such as the Inflation Reduction Act, it has not addressed regulatory challenges in the crypto sector. This omission has generated concern about the short-term implications for businesses and investors.
Join my binance live stream for professional trading guidance
Operation Choke Point 2.0: Allegations and Impact
Critics accuse federal regulators of reviving the tactics of Operation Choke Point to target the cryptocurrency industry. While the Biden administration has denied the existence of such a program, enforcement actions by agencies like the SEC, FDIC, and OCC suggest otherwise. In January 2023, regulators issued a joint statement cautioning banks about the risks associated with crypto operations. Subsequent enforcement measures led to the closure of several crypto-friendly financial institutions, such as New York's Signature Bank.
Paul Grewal, Coinbase's Chief Legal Officer, has revealed that some banks received explicit instructions to cease facilitating crypto-related transactions. These actions have further fueled speculation about a coordinated effort to undermine the cryptocurrency sector.
The Ross Ulbricht Debate
The decision to leave Executive Order 14067 intact also reignites another debate: the fate of Ross Ulbricht, founder of the Silk Road. Many in the libertarian and crypto communities have called for Trump to commute Ulbricht's prison sentence, but no action has been taken. This has left crypto enthusiasts questioning the administration's commitment to supporting their interests.
As the Trump administration navigates its priorities, the future of digital assets, crypto businesses, and related policies remains uncertain. The industry now awaits further developments that could shape its trajectory.
#TrumpMarketInsights #Write2Earn
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