The inauguration of Donald Trump as the United States’ 47th President, starting his second term in office, has ignited enthusiasm within the cryptocurrency world. With Trump promising over 100 executive orders, the crypto community anticipates significant changes. Experts suggest that these potential policy adjustments under the new administration might involve updates to banks’ crypto trading procedures and the termination of Operation Chokepoint 2.0, a contentious initiative.
According to a Reuters article, Circle’s CEO Jeremy Allaire predicted that President Trump would swiftly announce executive orders regarding cryptocurrencies following his inauguration. Allaire is optimistic that these new policies will facilitate banks’ ability to provide crypto trading options, thereby allowing customers to invest and hold digital assets more conveniently.
Trump’s Executive Orders Include Bank’s Crypto Trading
The leader of Circle Company maintains a positive outlook regarding possible adjustments in Donald Trump’s cryptocurrency policies, anticipating that these changes may encompass the ability of banks to trade cryptocurrencies. Specifically, he predicts the overruling of the Securities and Exchange Commission’s Staff Accounting Bulletin 121 (SAB 121). He argues that SAB 121 has been harsh towards banks and financial institutions, as well as corporations, by making it difficult for them to list cryptocurrencies on their financial statements.
Among the various executive orders issued by President Trump, Allaire has shown a strong interest in the potential revocation of SAB 121. He expressed his support for this move and hoped that Trump would take such an action. Furthermore, he urged Congress to step in and establish a comprehensive regulatory system for cryptocurrencies.
Is Trump’s Re-Election an End to Operation Chokepoint 2.0?
“The term ‘Operation Chokepoint 2.0’ refers to the perceived tightening of regulations by the government on the cryptocurrency sector. Following the collapse of Silvergate, a significant financial institution, there have been reports suggesting that governments are distancing crypto businesses from the broader financial system. This action, which involves banks reducing their ties with crypto companies, has led to growing apprehension and significantly impacted cryptocurrency trading.”
Furthermore, the heightened attention from the SEC and FDIC towards cryptocurrency platforms has led some banks to pause crypto-related transactions. Critics viewed this as a form of covert regulation, but XRP attorney John Deaton called on the government to take decisive action against Operation Chokepoint 2.0 instead.
Donald Trump’s 100+ Executive Orders
Significantly, Trump intends to enact over a hundred executive orders on his first day in office, fueling discussions regarding possible cryptocurrency regulations. In addition, crypto enthusiast and mathematician Fred Krueger anticipates that Trump will reveal a Bitcoin-backed reserve on the very first day.
Experts and influential figures in the cryptocurrency field expect significant changes in the regulatory landscape of digital currencies under the new SEC Chair Paul Atkins. These modifications could potentially bring clarity regarding the safety status of digital assets, which may lead to resolutions in high-profile cases such as the Ripple-SEC lawsuit. In line with Allaire’s predictions, the industry is hopeful for regulations that are favorable towards cryptocurrencies, making trading activities smoother and more accessible.
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2025-01-20 17:44