CandleFocus

Opening Doors for Banks Under a Trump Administration

Author: Content Editor
The crypto industry's future growth could be influenced by political factors rather than market dynamics, particularly through a Republican sweep in Congress. This would increase the likelihood of pro-crypto legislation being passed. Two key developments include the revocation of SAB 121, an accounting bulletin that has hindered banks from offering crypto custody services, and the implementation of the Bitcoin Act 2024, which proposes a national bitcoin stockpile. These changes could lead to mainstream adoption as banks would be able to offer crypto services to retail customers. If adopted, the Bitcoin Act 2024 would legitimize bitcoin as a safe haven asset and potentially impact how central banks and corporate treasurers approach their allocation strategies. Trump's broader agenda also includes shutting down banking restrictions tied to Operation Choke Point 2.0 and opposing a Fed-issued central bank digital currency. The U.S. has the potential to bring significant change and traction to the crypto economy as the world's largest financial market.

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