Can cryptocurrency make America rich again? Trump signs an executive order: allowing retirement funds to buy cryptocurrencies and banning the de-banking of the cryptocurrency industry. August 8, 2025, will undoubtedly be recorded in the financial history of the United States and the development history of global cryptocurrencies. U.S. President Donald Trump has formally signed two landmark executive orders that completely remove two core obstacles to the development of cryptocurrency in the U.S. These two orders act like two keys: one opens the massive gate to the multi-trillion dollar retirement fund market, while the other cuts the 'de-banking' shackles that have long restricted the development of the cryptocurrency industry.
This series of thunderous actions has not only brought Bitcoin's price back to around $120,000 but has also been interpreted by the market as a key part of the Trump administration's grand narrative of 'making America rich again'—that is, by embracing this emerging financial frontier of digital assets to solidify America's global leadership position. Does this mean that a wealth renaissance driven by cryptocurrency is about to unfold in the U.S.?
401(k) retirement funds
The first executive order signed by Trump directly addresses one of the largest and most stable pools of funds in the U.S.: 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 are compared with traditional investment targets such as private equity and real estate, clearly stating: 'Alternative assets, including private equity, real estate, and digital assets, offer competitive returns and portfolio diversification advantages.'
The historic significance of this order lies in its complete reversal of the cautious and even warning attitude that U.S. regulatory agencies have previously held 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 be 'extremely cautious' when considering the inclusion of crypto assets. This ambiguous statement led the vast majority of retirement fund managers to shy away from cryptocurrencies. Trump's executive order directly instructs the Department of Labor to issue new, clear guidelines, officially classifying cryptocurrencies as an asset class on par with other investment targets.
Market analysts believe that the impact of this move will be profound and immense. It not only provides individual investors with more options but, more importantly, sends a clear 'green light' signal to wealth management institutions, retirement fund managers, and financial advisors across the U.S. Large institutional capital, which has held a wait-and-see attitude 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 funds into Bitcoin spot ETFs, other related crypto funds, and even cryptocurrencies themselves.
Prohibiting 'de-banking'
If the first order is to 'inject fresh water' into the crypto market, then the second executive order signed by Trump is to 'solidify the foundation' for the survival and development of the cryptocurrency industry. This order directly targets the long-standing 'de-banking' problem that has plagued cryptocurrency businesses.
'De-banking' refers to traditional banks and other financial institutions refusing to provide basic banking services such as account opening and transfers solely because an industry poses a 'reputation risk' or is based on political, ideological, or other non-commercial factors. In recent years, the cryptocurrency industry has been one of the primary victims of 'de-banking.' Countless legitimate crypto startups and exchanges have faced the embarrassing situation of having their accounts closed by banks without reason, severely obstructing the normal operation and development of the industry.
Trump's second executive order explicitly requires federal banking regulators, the Small Business Administration (SBA), and related officials, including the Secretary of the Treasury, to review and remove any policy guidelines that may lead to political or illegal 'de-banking' 'reputational risks' or similar concepts within six months.
Although this order does not directly name cryptocurrencies in the text, the document released by the White House candidly points out that the digital asset industry has been treated unfairly in recent years. This is undoubtedly a 'protective charm' for the cryptocurrency industry, aiming to ensure that any legally operating company, regardless of its industry, should enjoy equal and non-discriminatory financial service rights. This will greatly improve the business environment for cryptocurrency companies in the U.S., allowing them to compete on a fair financial infrastructure, just like traditional companies.
Comprehensive layout of a pro-crypto government
Linking these two executive orders with other recent initiatives from the Trump administration, a clear and systematic pro-crypto strategic blueprint emerges.
On the same day that Trump signed the orders, there were reports that he would nominate current White House Economic Advisory Council leader Stephen Miran to serve on the Federal Reserve Board. Miran is considered a staunch supporter of cryptocurrency, having publicly stated that digital assets play an essential role in driving innovation and economic prosperity, and he supports easing unnecessary regulatory restrictions on the cryptocurrency industry.
From the SEC and CFTC jointly launching 'Crypto Sprint' and 'Project Crypto' to establish clear rules for the market; to nominating pro-crypto individuals into the highest monetary decision-making body; and now the President personally signing 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 larger game, aiming to make the U.S. the absolute center of global digital assets and Web3 innovation.
The New Era of Cryptocurrency in America
The importance of these two executive orders signed by President Trump cannot be overstated. They are not just isolated good news but represent a fundamental and historic shift in the U.S. national attitude towards cryptocurrencies—from past doubts and restrictions to a comprehensive embrace, guidance, and support.
Opening the door for trillions of dollars in retirement funds to invest in cryptocurrencies will provide unprecedented depth and stability to the market; while prohibiting 'de-banking' will provide the most fundamental guarantee for the healthy development of the industry. The combined effects of these two measures are expected to significantly accelerate the integration of crypto assets with the mainstream financial system in the U.S. and attract global crypto talent, capital, and innovative companies to the U.S.
Whether cryptocurrencies can 'make America rich again' may still take time to verify. But one thing is certain: the new era of cryptocurrency in America has officially begun. A more compliant, larger, and globally competitive U.S. cryptocurrency market is rising on the horizon.