August 8, 2025, is a day destined to be recorded in the annals of American financial history and the global development of cryptocurrencies. U.S. President Donald Trump signed two milestone executive orders that completely cleared two core obstacles to the development of cryptocurrencies in the United States. These two orders are like two keys: one opens the massive gate to a multi-trillion dollar pension market, while the other breaks the long-standing shackles of 'Debanking' that have hindered the development of the crypto industry.
This series of swift actions has not only brought the price of Bitcoin back to around $120,000 but is also interpreted by the market as a key part of the Trump administration's grand narrative of 'Making America Rich Again'—which involves embracing digital assets as an emerging financial frontier to consolidate America's global leadership position. Does this mean that a wealth-driven new era powered by cryptocurrencies is about to unfold in America?
401(k) Retirement Fund
The first executive order signed by Trump directly targets one of the largest and most stable pools of funds in the United States: the national retirement pension accounts. This order officially opens a new chapter for '401(k) retirement accounts to invest in cryptocurrencies,' paving the way for trillions of dollars to flow legally and compliantly into the digital asset market.
In the fact sheet released by the White House on the same day, cryptocurrencies were compared with traditional investment targets such as private equity and real estate, clearly stating: 'Alternative Assets, including private equity, real estate, and digital assets, provide competitive returns and advantages for portfolio diversification.'
The historic significance of this order lies in its complete reversal of the past cautious, even warning-like attitude of U.S. regulatory agencies towards retirement funds investing in cryptocurrencies. Prior to this, although U.S. regulations did not explicitly prohibit it, the Department of Labor had issued guidelines requiring trustees of retirement plans to exercise 'extreme caution' when considering the inclusion of crypto assets. This ambiguous stance had deterred the vast majority of retirement fund managers from considering cryptocurrencies. Trump's executive order directly instructs the Department of Labor to issue new, clear guidelines, formally equating cryptocurrencies with other investment targets as a category of assets.
Market analysts believe that the impact of this move will be profound and significant. It not only provides more options for individual investors but, more importantly, sends a clear 'green light' signal to wealth management institutions, retirement fund managers, and financial advisors across the United States. Large institutional capital that has remained cautious due to unclear regulations and risk concerns will now be forced to reassess its asset allocation strategies. This is expected to bring a continuous and substantial influx of long-term capital into Bitcoin spot ETFs, other related crypto funds, and even cryptocurrencies themselves.
Prohibit 'Debanking'
If the first order is to 'bring fresh water' to the crypto market, then Trump's second executive order is to 'solidify the roots' for the survival and development of the crypto industry. This order directly addresses the persistent 'Debanking' issue that has long plagued cryptocurrency businesses.
'Debanking' refers to traditional banks and financial institutions refusing to provide basic banking services such as opening accounts and transfers solely because an industry carries a 'Reputation Risk' or is based on political or ideological non-commercial factors. Over the past few years, the cryptocurrency industry has been one of the main victims of 'Debanking.' Countless legitimate crypto startups and exchanges have faced the dilemma of banks closing their accounts without cause, which has severely hindered the normal operation and development of the industry.
Trump's second executive order explicitly requires federal banking regulators, the Small Business Administration (SBA), and the Secretary of the Treasury, among other relevant officials, to review and remove any policies or guidelines that might lead to political or illegal 'Debanking' within six months.
Although this order does not directly name cryptocurrencies in its text, the document released by the White House unequivocally points out that the digital asset industry has been treated unfairly in recent years. This undoubtedly serves as a 'talisman' for the crypto industry, aimed at ensuring that any legally operating business, regardless of its industry, should enjoy equal and non-discriminatory financial service rights. This will greatly improve the business environment for crypto enterprises in the United States, allowing them to compete on a fair financial infrastructure like traditional businesses.
Comprehensive Layout of a Pro-Crypto Government
Connecting these two executive orders with recent actions taken by the Trump administration reveals a clear, systematic pro-crypto strategic blueprint.
On the same day that Trump signed the order, news emerged that he would nominate current Chair of the White House Council of Economic Advisers Stephen Miran to serve on the Federal Reserve Board. Miran is considered a staunch supporter of cryptocurrency and has publicly stated that digital assets play an important role in driving innovation and economic prosperity, advocating for the easing of unnecessary regulatory restrictions on the crypto industry.
From the SEC and CFTC jointly launching 'Crypto Sprint' and 'Project Crypto' to delineate clear rules for the market; to nominating pro-crypto individuals to the highest monetary decision-making bodies; to now having the President personally sign executive orders to address the two core pain points of funding and banking access for the industry. All of this indicates that the Trump administration is playing a major game, aiming to make the United States the absolute center of global digital asset and Web3 innovation.
A New Era of Cryptocurrency in the United States
The importance of the two executive orders signed by President Trump cannot be overstated. They are not merely isolated positive news but represent a fundamental, historic shift in the U.S. government's attitude towards cryptocurrencies—from past doubts and restrictions to a full embrace, guidance, and support.
Opening the gateway for trillions of dollars in retirement funds to invest in cryptocurrencies will provide unprecedented depth and stability to the market; while prohibiting 'Debanking' will provide the most fundamental guarantee for the healthy development of the industry. The combined effects of these two initiatives are expected to significantly accelerate the integration of crypto assets with the mainstream financial system in the United States, attracting global crypto talent, capital, and innovative companies to flock to the U.S.
Whether cryptocurrencies can 'Make America Rich Again' may still require time to verify. But what is certain is that from today onwards, a new era of cryptocurrency in the United States has officially begun. A more compliant, larger, and globally competitive U.S. crypto market is rising on the horizon.
