Crypto USA: Trump Sidelines The Fed And FDIC

The president Donald Trump signed a decree that disrupts the American approach to crypto. This text marks a break by excluding two major players, the Federal Reserve (Fed) and the Federal Deposit Insurance Corporation (FDIC), from regulatory discussions.

A working group without the Fed or the FDIC

On January 23, 2025, Donald Trump signed from the Oval Office his first presidential decree regarding the crypto industry. Accompanied by David Sacks, his new “tsar of artificial intelligence and crypto,” the president unveiled a series of measures aimed at strengthening American leadership in the sector.

This decree establishes a task force chaired by David Sacks, tasked with “making America the global capital of crypto.” A crucial point: the Federal Reserve (Fed) and the Federal Deposit Insurance Corporation (FDIC) are explicitly excluded from this initiative.

The composition of the group reflects this new approach, including the Secretary of the Treasury, the Attorney General, the chairs of the SEC and CFTC, as well as other members of the Trump cabinet. Their mission is twofold: to study the creation of a national cryptocurrency stock and to develop a regulatory framework for stablecoins.

“The Fed and the FDIC, who have tried to debank our sector, are finally kept at bay,” rejoices Caitlin Long, CEO of Custodia Bank. This exclusion marks the end of “Operation Chokepoint 2.0,” an unofficial policy that had restricted crypto companies’ access to traditional banking services.

Towards a new era for stablecoins and crypto regulation

One of the key measures of the decree signed by Donald Trump is the exclusion of the Federal Reserve (Fed) from developing policies on stablecoins. This responsibility now falls to Scott Bessent, the next Secretary of the Treasury, chosen by Trump for his expertise in financial markets.

This choice aims to centralize strategic decisions and free stablecoins from constraints imposed by the Fed, thereby enhancing the attractiveness of the United States as a crypto hub.

This strategy has been praised by influential figures such as Marc Andreessen, co-founder of Andreessen Horowitz, who believes it could repair the damage caused by previous policies, notably the debanking of over 30 crypto entrepreneurs.

Caitlin Long, CEO of Custodia Bank, also applauded this decision:

“The Fed and the FDIC attempted to destroy our sector by debanking crypto companies. Their exclusion marks a turning point.“

Meanwhile, the Securities and Exchange Commission (SEC) has repealed the controversial SAB 121 rule, which required banks to book cryptocurrencies as liabilities, thus hindering their adoption. It has instead introduced SAB 122, offering banks increased flexibility to hold digital assets, a advancement widely applauded by the industry.

In summary, these reforms, combined with the creation of a dedicated task force for digital assets, demonstrate the American desire to regain leadership in the crypto sector. By sidelining institutions that hindered innovation, the Trump administration paves the way for a new era for the crypto industry in the United States.