Trump signs executive order promoting banking access for crypto firms

Jim Lo Scalzo/Bloomberg

Just days after taking office, President Donald Trump signaled he will make good on his vow to prioritize cryptocurrencies in his second term by signing an executive order aiming to promote and develop them.

Trump declared at a bitcoin conference in Nashville over the summer he would make the United States the “crypto capital of the planet.” Less than a week in, he’s working towards that. 

The bulk of the “Strengthening American Leadership in Digital Financial Technology” executive order is devoted to outlining rules for the development and use of crypto currencies in the U.S. It officially creates a working group to focus on proposing digital asset regulation and look into potentially building a national cryptocurrency stockpile. 

The order also mandates banking services for crypto companies be protected. Companies have argued that they were unfairly targeted by regulators under former President Joe Biden’s administration in its efforts to tamp down on money laundering. It’s a claim regulators deny but has ignited conservatives.

Trump promises his administration will “protect and promote fair and open access to banking services for all law-abiding individual citizens and private-sector entities alike.”

Backing up the crypto-friendly order, Trump has put crypto supporters in key roles in his administration. David Sacks, a venture capitalist whom Trump appointed as his crypto and artificial intelligence czar, stood beside the president in the Oval Office as he signed the order.

Trump has promised to bring other industry supporters on in key roles. He nominated Paul Atkins, known for his market-first policies, to chair the Securities and Exchange Commission. Atkins would replace Gary Gensler who was nominated by former President Joe Biden and whose regulatory views have made him a target for the crypto industry.

The SEC Tuesday announced the creation of a “crypto task force” led by Hester Pierce, an SEC commissioner known as “Crypto Mom” online for her support of the industry and advocacy for innovation-first regulation. Trump also chose Scott Bessent, a crypto-friendly hedge fund manager, to head the Treasury Department.

The president’s opinion on crypto has done a full one-eighty turn over the four years he was out of office. Bolstered by large contributions from crypto enthusiasts in the 2024 campaign, Trump went from calling the digital asset a “scam” in his first term to making it a priority of his administration in his second. 

A report from the nonprofit watchdog group Public Citizen found nearly half of all corporate funds donated in the 2024 election were from crypto companies. Coinbase and Ripple alone accounted for more than 80% of the donations.

At a San Francisco fundraiser over the summer hosted by Sacks and fellow tech venture capitalist Chamath Palihapitiya, Trump reportedly stated he would “be the crypto president,” according to Reuters.

The president late last week even launched his own cryptocurrency called TRUMP. His wife launched her version, MELANIA, at the same time. As of Friday, the Trump meme coin is trading at around $33.