U.S. President Donald Trump plans to sign an executive order that will reverse banking restrictions on cryptocurrency companies, which were established by the Biden administration, according to a report.
The new executive order aims to dismantle banking service restrictions imposed on cryptocurrency companies through the “Operation Chokepoint 2.0” initiative, which many industry leaders describe as a project floated to strangle any support to crypto businesses from the banking industry.
According to media reports, the upcoming executive order plans to eliminate banking restrictions, which will enable crypto firms to obtain necessary banking services. Bo Hines, as Executive Director of the Presidential Working Group on Digital Assets, stated that digital asset industry players will see quick progress on this matter.
The order should also solve Federal Reserve restrictions that prevented crypto-focused banks such as Custodia from accessing master accounts. The ability of banks to serve the crypto sector is restricted because they need these accounts to transact with the Federal Reserve directly.
Senator Elizabeth Warren, who once criticized crypto, now supports resolving the “debanking” issue by declaring it represents a genuine problem that requires immediate action. Since becoming president, Trump has taken three major actions related to crypto, which this executive order will follow.
Multiple sources indicate that the final legal review process will finish this week, which could lead to the signing of the order, thus transforming the banking environment for crypto businesses.
