Ah, the grand spectacle of politics! President Donald Trump, in a move that could make even the most stoic of us chuckle, is preparing to sign an executive order that will sweep away the banking restrictions on cryptocurrency companies, a delightful mess left behind by the Biden administration. Who knew that the world of digital coins could be so entertaining? 💰
This new decree, a veritable sledgehammer to the “Operation Chokepoint 2.0” initiative, aims to dismantle the shackles that have been placed upon our dear crypto companies. Many in the industry, bless their hearts, have been calling these restrictions nothing short of regulatory policies. Oh, the irony! 😂
“This is notable because the @federalreserve and @FDICgov have yet to rescind any anticrypto guidance, despite comments last month from Federal Reserve Chairman Jerome Powell that he was ‘struck’ by the growing number of apparent crypto debanking cases and that the Fed would…”
— Eleanor Terrett (@EleanorTerrett) March 10, 2025
With this upcoming executive order, the chains will be broken! Crypto firms will finally be able to waltz into banks and request the services they so desperately need. Bo Hines, the Executive Director of the Presidential Working Group on Digital Assets, has assured us that the digital asset industry will see rapid progress. One can only hope it’s faster than a snail on a leisurely stroll! 🐌
Moreover, this order is set to tackle the Federal Reserve restrictions that have kept crypto-focused banks like Custodia from accessing those oh-so-important master accounts. Without these accounts, banks are like fish out of water, floundering in the vast ocean of finance. 🐟
And look who’s come around! Senator Elizabeth Warren, once a fierce critic of crypto, now sees the light and supports resolving the “debanking” issue. She claims it’s a genuine problem that needs immediate action. Who would have thought? A plot twist worthy of a soap opera! 📺
As the final legal review process wraps up this week, we stand on the precipice of change. Will this executive order transform the banking landscape for crypto businesses? Only time will tell, but one thing is for sure: it’s going to be one heck of a ride! 🎢
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2025-03-11 08:22