## Exciting Developments in Crypto Under President Trump
Since taking office on January 20, President Donald Trump has already made waves in the cryptocurrency space by issuing two executive orders. The first, signed on January 23, established a Presidential Working Group on Digital Asset Markets, while the second, signed just last week, initiated the creation of a Strategic Bitcoin Reserve and a digital asset stockpile. There are indications that the president may soon sign a third order aimed at reversing the anti-crypto banking regulations put in place by the Harris-Biden administration.
## Opening Doors for Crypto Companies
According to sources familiar with the situation, this anticipated executive order is expected to explicitly eliminate the rules and regulatory initiatives associated with “Operation Chokepoint 2.0.” This initiative, allegedly orchestrated by the Biden administration, aimed to restrict banking services for crypto and tech founders. The collapse of crypto-friendly banks in early 2023 sparked the first allegations of Operation Chokepoint 2.0. Analysts, including venture capitalist Nic Carter, have characterized it as a covert government effort to pressure banks into cutting ties with crypto-related firms.
In a recent address at the White House Crypto Summit, President Trump assured a gathering of crypto industry leaders and government officials that he is committed to “ending Operation Chokepoint 2.0.”
Recent reports suggest that the forthcoming executive order would require crypto-friendly banks to be granted Federal Reserve master accounts. These accounts are crucial for banks to effectively serve clients across the nation, as they provide access to essential Fed services like settlement and electronic transfers. Under the Biden administration, the Fed consistently denied master accounts to crypto-focused banks such as Custodia, which stifled their growth.
Reversing Operation Chokepoint 2.0 and allowing crypto banks to access the Fed’s services would represent a significant milestone for the crypto industry.
Meanwhile, the expected crypto executive order could go beyond just debanking. It may also include provisions clarifying that stablecoins should not be classified as securities. Both of these measures could significantly enhance the mass adoption of cryptocurrencies by simplifying the process for digital asset exchanges to provide users with familiar on-ramp and off-ramp services.
