The change targets what crypto advocates labeled “Operation Chokepoint 2.0” – an alleged coordinated effort to cut crypto businesses off from banking services.
Coinbase and others had vocally protested, revealing “pause letters” from the FDIC. More than 30 tech founders reportedly faced debanking. Now the House Oversight Committee is digging into these claims.
Trump’s administration has been busy reshaping the crypto landscape. Besides appointing Sacks, they formed a financial regulator working group focused on ensuring U.S. dominance in digital assets.
Can’t have that innovation fleeing offshore, right?
The president also signed an executive order establishing a Strategic Bitcoin Reserve, funded with bitcoin seized in criminal cases. The government’s estimated crypto stash? Around 200,000 bitcoin.
They won’t be selling it anytime soon – the order prohibits that.
The crypto industry’s celebrating other wins too. Ripple announced the SEC dropped its four-year lawsuit, sending XRP up 11%. SEC Chief Legal Officer revealed that the company spent approximately $150 million defending against this lawsuit. Other companies saw investigations resolved or lawsuits dropped.
Party time in crypto-land!
Not everyone’s impressed, though. Some media outlets portrayed Sacks’ required divestment of crypto holdings as “dumping” them.
Binance’s founder questioned media motives, suggesting they prioritize engagement over accuracy. Shocking.
Meanwhile, crypto markets swung wildly following the announcements. Critics view Trump’s crypto moves as approval-rating boosters.
The Treasury and Commerce Secretaries will oversee further policy development, focusing on budget-neutral strategies.
Love it or hate it, America’s crypto landscape is changing fast. The reputational risk criteria is dead.
Chairman James Comer initiated an investigation into systematic debanking practices to protect legitimate crypto businesses from regulatory overreach.
Investors are watching closely as these favorable regulations could significantly boost market confidence and drive cryptocurrency prices higher in the coming months.
But the question remains – who’s really winning in this new Wild West?
