- Trump’s next crypto executive order aims to roll back anti-crypto banking policies and expand access for crypto firms.
- The order may change Federal Reserve policies, allowing crypto banks to gain master accounts and operate nationwide.
- Stablecoins could be reclassified, removing securities restrictions and providing regulatory clarity for issuers like Circle and Tether.
President Donald Trump is preparing to sign another cryptocurrency-focused executive order, possibly this week, aimed at dismantling anti-crypto banking policies put in place under the Biden administration, according to sources familiar with the matter.
Ending Operation Chokepoint 2.0
The order is expected to explicitly roll back regulations tied to “Operation Chokepoint 2.0”, a term coined by Castle Island Ventures partner Nic Carter, referencing alleged efforts to deny banking access to crypto companies and executives.
Bo Hines, Executive Director of the Presidential Working Group on Digital Assets, confirmed the order is in progress but declined to provide details.
“I think the industry can expect something in short order,” Hines told Decrypt.
Impact on the Federal Reserve and Crypto Banks
A key aspect of the order may include changes to Federal Reserve policies on master accounts, which are essential for banks to operate nationwide. During Biden’s presidency, the Fed denied master accounts to crypto-focused banks like Custodia, limiting their ability to function at scale.
If Trump’s order overrides these restrictions, it could be a major win for crypto banking, enabling direct access to Fed services.
Trump Administration Moves Fast on Crypto
The Trump White House has been moving at breakneck speed to implement its crypto-friendly policies, already facing legal challenges in federal courts. Sources indicate senior officials will meet on Thursday to assess potential legal obstacles before finalizing the order.
Meanwhile, in a surprising shift, Senator Elizabeth Warren, one of crypto’s most vocal critics, has expressed willingness to work with Trump on preventing banks from debanking crypto firms.
“Debanking is a real problem,” Warren said during a Senate Banking Committee hearing. “This shouldn’t be happening, and we need to fix it.”
Stablecoins and Securities Classification
Beyond banking, the order may also redefine stablecoins and exclude them from being classified as securities—a move that would clear regulatory uncertainty for major issuers like Circle and Tether.
If signed, this will be Trump’s third major crypto-related order since returning to office:
- January 23 – Established the Presidential Working Group on Digital Asset Markets.
- Last week – Created a U.S. Strategic Bitcoin Reserve and a Digital Asset Stockpile.
- This week? – Aiming to reverse banking restrictions and stabilize crypto regulation.
What’s Next?
With Trump’s administration aggressively reshaping crypto policy, the next executive order could unlock new financial pathways for the industry. If successful, it may pave the way for broader institutional adoption—and possibly, further Bitcoin accumulation by the U.S. government.
