In the end, Wall Street is heated to Chefir, thanks to President Donald Trump’s aggressive batch to strengthen this industry, especially after the January 23 executive order of the National Digital Asset stock.
Busty a week after Trump’s second state, January 25 a report CNBC says that senior financial executives are in line with his pro -Carbuto policies in a large axis of the industry previously kept Bitcoin with the length of the arm.
Trump’s executive affirms “protection and promoting” the use and development of encrypted currencies.
Wall Street CEO Jump
In Davos, Switzerland, at the World Economic Forum, the CEO of Morgan Stanley Ted Beck said: “We will work with the cabinet and other organizers to know how we can present it in a safe way.” The bank is famous for paying the boundaries in the encryption before most of its peers.
In 2021, Morgan Stanley became the first major American institution to give wealthy customers access to Bitcoin funds. By 2024, its advisers allowed the design of the investment funds circulating in Bitcoin to customers.
Trump’s “Evolution” president surrounds himself with the supporters of supporters to ensure that his agenda sticks. Paul Atkins, former SEC Commissioner was nominated at the reign of George W. Bush, to lead the Supreme Education Council. Howard Lootnick, CEO of Cantor Fitzgerald, was exploited as Minister of Trade.
Scott Bessent, the director of hedge boxes has a Bitcoin mania, is the choice of Trump for the cabinet minister. If confirmed, Scott will be over the Tax Authority and the Financial Crime Expatriate Network – decisive agencies to create clear tax policies and compliance with encryption.
Trump’s policies deal with long -term frustration of Wall Street. One of the main complaints was the SEC 2022 accounting base, known as SAB 121, which forced banks to classify encrypted currencies as opponents on their public budgets.
This base has sparked discharge of banks from providing encryption nursery services by imposing strict capital requirements. But as Cryptopolitan I mentioned On January 23, the Supreme Education Council SAB 121 canceled the removal of one of the largest road barriers to financial institutions looking to communicate with digital assets.
Goodbye, goodbye SABB 121! SEC Hyster Pierce Commissioner, who was exploited on Tuesday to lead a “encryption work band”, said it was not fun.
Bank of America CEO Brian Moinhan, who is also speaking in Davos, welcomed the changes. He said: “If the rules come and make something real that you can actually deal with, you will find that the banking system will come seriously on the side of the transactions from it.”
He referred to the potto capabilities as a payment system, compared to a visa or Apple Pay. However, Moynihan has moved away from the support of encryption as investment assets, describing that “a separate question”.
Of course, bitcoin price was optimistic. On Monday, it rose to nearly $ 110,000 – the highest price ever – about $ 106,000 before settling from the time of the press.
The banks are pressed on clear rules with adoption growth
Although SEC’s actions brought a lot of excitement, Wall Street is still fighting with other organizational issues. The anti -money laundering rules (AML) remains an adherent point, as it makes inconsistent guidelines difficult for banks to serve some industries.
Jimmy Damon, CEO of JPMorgan Chase, CEO CEO, summarized the frustration of podcast earlier this week: “There should be much cleaner lines about what we have to do and what we do not have to do. We have been complaining of from This is for years.
Wall Street executives are also pressing for a unified federal standard to replace the co -compliance laws. The Trump administration is pressed to address these challenges as part of its wider effort to simplify the regulation of encryption.
Although Trump criticized Thursday, Jpmorgan Chase and Bank of America, accusing them of rejecting services to conservative clients. The case, known as “Debanking”, has long been a Republican discussion point.
“We take this issue seriously,” Bank of America said on Friday. “We will participate with the administration and the Congress in relation to the broad government regulations that sometimes lead to requirements to get out of relationships.”
The renewed focus comes on the AML rules after the law of 2020, which aims to reform these regulations on their goals. Banks continue to pressure clearer instructions, on the pretext that the inconsistent rules compel them to stay away from some customers and industries for fear of sanctions.
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