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As Donald Trump embarks on his presidential campaign, expectations regarding changes in the regulatory environment for cryptocurrencies in the United States are intensifying. Some officials, however, assert that current policies continue to be upheld. Caitlin Long, CEO of Custodia Bank, emphasized that federal banking agencies have not yet reversed their negative stance toward cryptocurrency assets.
Regulatory Interventions
Following the Biden administration’s swift regulations implemented in response to the FTX incident, no significant shift in the existing regulatory attitude has been observed. Under the Pause Letters issued to banks under FDIC supervision, a halt to cryptocurrency transactions was requested. Additionally, the U.S. Federal Reserve rejected Custodia Bank’s main account application citing risks associated with cryptocurrency assets.
Financial Assurance and Regulatory Expectations
Long pointed out that banks need to maintain sufficient cash reserves for consumer protection and system security. She noted that existing practices are incompatible with cryptocurrency assets, potentially leading to instability within the banking sector.
Caitlin Long: “The fact that U.S. banks hold only 8 cents in cash for every dollar deposited is causing instability.”
Paul Grewal, legal officer at Coinbase, highlighted the 23 Pause Letters sent by the FDIC, stating that this represents a concrete regulatory approach that cannot be associated with conspiracy theories.
Paul Grewal: “Pause Letters are a clear indication of regulatory actions rather than speculation.”
During Trump’s administration, the U.S. Securities and Exchange Commission (SEC) established a cryptocurrency task force to support cryptocurrency asset offerings. Nevertheless, comprehensive regulatory changes concerning digital assets in the banking sector have yet to materialize.
As current practices remain a topic of discussion among industry stakeholders, there are calls for a reassessment of these policies to ensure stability and consumer protection. It is anticipated that forthcoming regulations could strengthen the banking system and facilitate the safe use of digital assets.
