Crypto industry expects banking reforms under Donald Trump administration to ease access and foster innovation
Updated: Sep 7
The cryptocurrency industry is preparing for a significant shift in US policy under President-elect Donald Trump, with executives pushing for measures that could improve crypto companies’ access to traditional banking and establish clearer rules for digital assets.
Trump courted the industry during his election campaign, promising to become a "Crypto President". Following his victory, crypto executives began pressing his incoming administration for executive orders addressing banking access, alongside more crypto-friendly appointments at financial regulators.
Access to banking has been a longstanding concern. Many traditional US banks have limited their involvement with digital-asset businesses amid regulatory uncertainty and concerns surrounding compliance, money laundering and financial risk. Industry participants have argued that regulatory pressure has made obtaining basic banking services unnecessarily difficult.
Documents obtained by Coinbase subsequently intensified that debate. They showed instances in which the Federal Deposit Insurance Corporation asked banks to pause or refrain from proceeding with certain cryptocurrency-related activities. Coinbase Chief Legal Officer Paul Grewal described the documents as evidence of regulators attempting to restrict legitimate crypto businesses’ access to finance.
Grewal said, "Law-abiding American businesses should be able to access banking services without government interference."
Banks, however, remained cautious despite expectations of a friendlier regulatory environment. Senior US banking executives continued to highlight uncertainty surrounding cryptocurrencies and the regulatory requirements governing their involvement with digital assets.
The industry's ambitions extend beyond banking. Crypto businesses are seeking clearer rules governing digital assets and a more accommodating approach from regulators, potentially transforming the relationship between cryptocurrencies and America's established financial system.
Whether Trump delivers the scale of regulatory change sought by the industry remains uncertain, but his election has substantially raised expectations that Washington's approach towards cryptocurrency could change.