The crypto world is buzzing again, and this time, it’s not about a price surge or a big exchange collapse. It’s about Washington. Specifically, President Donald Trump is reportedly preparing to sign a new executive order aimed at rolling back what critics call “Operation Chokepoint 2.0.” If this happens—and sources say it could be just days away—it would mark the third major crypto-related executive action of Trump’s current term.
What’s actually in this order? What does it change? And why now? Let’s break it down.
A Crackdown on Anti-Crypto Banking Policies
For years, crypto companies have struggled to get and keep bank accounts. Some say it’s just normal risk management by banks, others argue it was a coordinated effort under the Biden administration to push crypto out of the financial system.
Under Biden, institutions like Custodia Bank, which sought direct access to Federal Reserve services, faced rejection after rejection. Federal regulators cited concerns about stability, fraud, and risk. But critics saw something else: an unfair crackdown on an industry the government didn’t like. Trump’s upcoming executive order is expected to target these banking restrictions directly, making it easier for crypto firms to access financial services.
White House sources suggest the order will focus on Federal Reserve policies related to “master accounts” – the lifeblood of any serious financial institution. The Fed has historically been independent from direct White House influence, so there’s a legal tightrope to walk. The administration is reportedly reviewing potential legal pushback before finalizing the language.
Trump’s Previous Crypto Executive Orders
If you’ve been following this space, you know this isn’t Trump’s first crypto move since reentering the White House. Back in January, he signed an order called “Strengthening American Leadership in Digital Financial Technology.”
That order did a few big things:
- Overturned Biden’s executive order on digital assets (EO 14067).
- Killed the Treasury Department’s framework on international digital asset engagement.
- Pushed for regulatory clarity on crypto.
- Made clear that the U.S. will not launch a Central Bank Digital Currency (CBDC).
- Encouraged stablecoins—specifically, ones tied to the U.S. dollar.
Then came another executive action: the establishment of a U.S. Bitcoin reserve and a digital asset stockpile. Details are still emerging, but this signaled a broader acceptance of Bitcoin as a strategic asset.
Congress is Also Getting Involved
It’s not just Trump taking action. On March 7, Senate Banking Committee Chair Tim Scott (R-S.C.) introduced the Financial Integrity and Regulation Management (FIRM) Act. The goal? To stop regulators from pressuring banks into refusing service to legal industries, including crypto.
The bill has Republican backing, plus support from state finance officials, banking associations, and industry groups like the Blockchain Association. It targets something called “reputational risk,” a vague regulatory standard that, critics say, allowed regulators to push banks away from crypto firms without clear legal justification.
In a February hearing, lawmakers grilled regulators over the so-called “Operation Chokepoint 2.0″—a term used to describe alleged Biden-era efforts to cut crypto off from banking. Regulators denied any coordinated attack, but industry leaders aren’t convinced.
Regulatory Attitudes Are Already Shifting
Even before Trump signs this new order, there are signs that things are changing. Federal Reserve Chair Jerome Powell has acknowledged concerns about debanking and suggested that some restrictive language may be removed from examination manuals.
Then there’s the SEC, which recently repealed Staff Accounting Bulletin 121 (SAB 121)—a rule that made it more expensive for banks to offer crypto custody services. That repeal is seen as a huge win for the industry, making it more practical for banks to hold digital assets.
What’s Next?
As of March 11, 2025, the executive order still hasn’t been signed, but multiple sources say it’s imminent. If Trump follows through, it would mark a major reversal of Biden-era crypto policy and a clear message that the U.S. is moving toward a more crypto-friendly stance.
But this is Washington. Expect legal fights, regulatory back-and-forth, and plenty of political drama before anything is truly settled.
For now, the industry is watching—and waiting.
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