Trump orders government, Fed to review crypto firms' access to payment rails
President Trump has issued an executive order directing federal agencies and the Federal Reserve to conduct a comprehensive review of cryptocurrency companies' access to traditional payment systems. The order, signed Monday, mandates a 90-day assessment of current barriers that prevent digital asset firms from accessing banking services and payment rails used by conventional financial institutions.
The directive comes amid ongoing tensions between crypto companies and traditional banks, with many digital asset businesses struggling to maintain banking relationships. Major cryptocurrency exchanges and service providers have historically faced challenges securing reliable banking partnerships, often citing regulatory uncertainty and compliance concerns from traditional financial institutions. This banking access issue has been a persistent obstacle for crypto firms seeking to operate alongside established financial services.
Industry observers view the executive order as potentially significant for crypto adoption and institutional integration. Improved access to payment rails could streamline operations for cryptocurrency businesses and reduce costs associated with alternative banking solutions. The review may also provide clarity on regulatory expectations, potentially encouraging more traditional banks to work with vetted crypto companies.
The 90-day timeline means preliminary findings should emerge by mid-August. Market participants will be monitoring whether the review leads to concrete policy changes or regulatory guidance that could reshape the relationship between cryptocurrency firms and traditional financial infrastructure.
Source: CoinDesk
