Executive orders expected to address crypto companies’ banking access challenges and amend banking accounting rules.
U.S. President-elect Donald Trump is set to make significant changes to the digital asset sector starting on his inauguration day, January 20. According to reports from the Washington Post, Trump will sign a series of executive orders aimed at protecting the crypto industry and revising current banking policies.
At the heart of these initiatives is the intent to combat the so-called “de-banking” of the crypto sector, a practice attributed to the Biden administration. Industry players have accused the administration of leveraging financial regulators to cut off banking services to the cryptocurrency industry through what has been dubbed “Operation ChokePoint 2.0.”
Another proposed measure involves repealing the accounting rule introduced in March 2022 through the SEC’s SAB 121, which currently requires banks to record cryptocurrencies as liabilities on their balance sheets.
A source close to the discussions told the newspaper:
“Trump’s team has made it very clear that this is a priority.”
Behind the scenes, venture capitalist Marc Andreessen, known for his investments in technology and digital assets, is reportedly playing a key role. According to the Washington Post, Andreessen has been frequently spotted at Trump’s Mar-a-Lago Club in Florida, contributing to the selection of administration candidates not only for tech-related roles but also for defense and intelligence positions.
