Trump Signs Executive Order Prohibiting Debanking of Crypto Industry

Key Points

1. The executive order prohibits banks from denying services to crypto companies, addressing 'politicized or unlawful debanking'.

2. The order also permits crypto investments in 401K retirement plans and nominates pro-crypto economist Stephen Miran for a U.S. central board vacancy.

3. The move is seen as ending 'Operation Chokepoint 2.0,' an alleged Biden administration effort to restrict banking services for crypto firms.

4. President Trump has appointed pro-crypto officials to key regulatory roles, and the SEC has scaled back Biden-era lawsuits against crypto companies.

5. The order fulfills campaign promises and supports the digital assets industry, with Ethereum trading higher following the announcement.