We explain everything you need to know about the new order and how it changes the US crypto landscape.
President Donald Trump signed an executive order on May 19 aimed at integrating digital assets and fintech companies into the country’s traditional financial system.
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What’s New for Crypto in Trump’s Order?
The order requires federal regulators to conduct a full review within 90 days of regulations that may prevent fintech and crypto companies from obtaining bank licenses, deposit insurance, and partnerships with traditional financial institutions. Following the review, specific measures to simplify regulation must be proposed within 180 days.
A separate section addresses the Federal Reserve. The Fed must assess within 120 days the possibility of granting non-bank companies, including crypto firms, direct access to master accounts and payment services. The regulator must determine whether current law allows such access, what legal barriers exist, and whether the 12 regional reserve banks can make independent decisions on applications.
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How Crypto Industry Members Reacted
Trump’s initiative continues the administration’s pro-crypto policy course. Earlier in March, the Federal Reserve Bank of Kansas City granted limited payment system access to the Kraken exchange. Ripple, Anchorage Digital, and other companies are seeking similar access.
The Independent Community Bankers of America reacted cautiously. Its president, Rebeca Romero Rainey, noted the existence of “significant regulatory gaps” between banks and non-bank entities. She emphasized that reserve banks must retain the right to deny access to stablecoin issuers and crypto companies to maintain system stability.
Outlook for US Crypto Regulation
The order strengthens the US position in the global competition for leadership in digital finance. It complements other administration steps, including Senate approval of the CLARITY Act and the appointment of Kevin Warsh as the new Fed chair.
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