President Donald Trump is All Set to Sign an Executive Order Targeting Biden Administration Policies

President Donald Trump is all set to sign an executive order targeting Biden administration policies that have made it hard for crypto companies to access banking services.

President Donald Trump is set to sign an executive order targeting Biden administration policies that have made it difficult for crypto companies to access banking services, multiple sources familiar with the matter tell Blockworks.

The order is expected to target policies discussed under “Operation Chokepoint 2.0,” which seeks to roll back these restrictions and support the crypto industry.

Bo Hines, Executive Director of the White House’s Presidential Working Group on Digital Assets, confirmed that administrative action is coming but didn’t provide details. He said the industry can expect something soon.

Hines also noted that the Trump administration aims to end practices linked to “Operation Chokepoint 2.0,” a term coined by Nic Carter, which refers to efforts similar to the Obama-era Operation Choke Point that targeted payday lenders and gun dealers.

Trump’s Executive Order Could Open Fed Access to Crypto Banks

While details of Trump’s executive order are still being finalized, it could impact Federal Reserve policies on master accounts. These accounts, held by federally chartered banks, are crucial for making direct payments and accessing the Fed’s services.

But the Biden administration has seen the Fed deny master accounts to crypto-focused banks, like Custodia Bank, which has been blocked since December 2022.

Fox Business reporter Eleanor Terrett noted the significance of this, adding that the Federal Reserve and the FDIC have yet to reverse any anti-crypto policies, even though Federal Reserve Chairman Jerome Powell mentioned last month that he was concerned by the increasing number of crypto debanking cases and that the Fed would “take a fresh look” at the issue.

Trump Administration Pushes Forward Despite Challenges

Although the Federal Reserve operates independently from the White House, the Trump administration is forging ahead with its crypto order despite potential legal challenges.

Sources say that senior White House officials are set to meet Thursday to assess possible difficulties before putting the order on Trump’s desk.

However, a White House official told Blockworks that no such meeting is scheduled but confirmed that efforts to roll back Operation Chokepoint 2.0 are already in progress.

As the race to reshape crypto policy intensifies, all eyes are on what new developments await in the coming days.

Stablecoin Directive?

The upcoming executive order could go beyond banking and might include a directive stating that stablecoins should not be classified as securities.

If Trump signs this order, it would be his third crypto-related executive action since returning to office. The first, signed on January 23, created the Presidential Working Group on Digital Asset Markets. The second, signed last week, ordered the establishment of a U.S. government Bitcoin reserve and a separate stockpile for other digital assets.

Bitcoin Price Today: BTC Falls Despite Trump's Crypto Summit

Despite the recent administrative action and pledges to support the crypto industry, Trump’s recent Crypto Summit saw limited participation from industry leaders.

His Bitcoin reserve plan also failed to generate the anticipated boost for the market as the administration plans to use seized assets for the initiative, which could take several years to accumulate a significant amount of Bitcoin.

Moreover, broader economic policies, including Trump’s tariffs on China and other nations, have been destabilizing global markets, impacting crypto prices. As a result, institutional investors have been pulling funds from both Bitcoin and Ethereum ETFs.

Consequently, Bitcoin has fallen below $79,000 for the first time in four months, and Ethereum has dropped to $1,870.