On his first day back in the White House, President Donald Trump reversed 78 of Joe Biden’s executive orders, but one surprising holdout left the crypto world buzzing: Executive Order 14067. Known for paving the way for “Operation Choke Point 2.0,” this controversial order has been widely criticized for tightening the screws on crypto, particularly by restricting access to banking services.
Critics argue that EO 14067 empowered U.S. regulators, such as the SEC and FDIC, to aggressively clamp down on crypto firms. Many blame this framework for the collapse of crypto-friendly banks like Silvergate Bank and Signature Bank, leaving the industry in a precarious position.
A Broken Promise? 💬
Crypto enthusiasts were caught off guard by Trump’s decision—or lack thereof. During his 2024 presidential campaign, Trump loudly condemned “Choke Point 2.0” and pledged to scrap it. At the 2024 Bitcoin Conference, he even called it a “death knell for innovation,” promising swift action. But when the moment came, EO 14067 was left untouched.
This has sparked backlash from prominent voices in the crypto community. Analyst Adam Cochran expressed outrage, highlighting Trump’s silence on the issue during his campaign and his first day in office. Many fear that the SEC, FDIC, and other agencies will continue to wield unchecked power over the digital asset space, prolonging the industry’s struggles.
The Official Line 🏛️
Regulators insist that their actions are aimed at “safeguarding the banking system” from risky crypto ventures. But to crypto advocates, the fallout has been undeniable. The closures of key crypto-friendly banks and regulatory heat on the sector feel like a targeted crackdown rather than neutral oversight.
A Mixed Message?
While the crypto world waits for clarity, Trump’s presidency hasn’t been entirely void of crypto-friendly moves. He delivered on a major campaign promise by pardoning Ross Ulbricht, the founder of Silk Road, signaling that crypto isn’t entirely off his radar. However, leaving EO 14067 untouched leaves many questioning whether he’ll follow through on his anti-“Choke Point 2.0” stance—or shift focus to other priorities.
What’s Next? 🧐
For now, the digital asset industry is stuck in legal limbo, still under the shadow of EO 14067. The crypto community remains divided: Will Trump ultimately act to curb regulatory overreach, or is this promise just another unfulfilled campaign slogan?
Until clearer action is taken, uncertainty will likely continue to weigh on the U.S. crypto market. Stay tuned for updates as this story evolves.
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