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Donald Trump’s re-election as President of the United States is expected to positively influence the relationship between banks and cryptocurrency companies. Investment bank TD Cowen suggested that improvements in regulatory approaches may occur under the new administration. However, the bank emphasized that expectations regarding these changes should remain reasonable.
Banks May Continue to Exercise Caution in Risk Management
Jaret Seiberg from TD Cowen’s Washington Research Group indicated that banks must still consider compliance regulations such as anti-money laundering and the Bank Secrecy Act (BSA). Seiberg stated, “While Trump’s regulators might show less concern, some banks may be cautious in accepting the risks associated with cryptocurrencies.” He added that while some banks may shy away from these risks, others might seize the opportunity.
Additionally, the reluctance of some cryptocurrency companies to accept government oversight may cause banks to hesitate in collaborating with these firms.
Seiberg also noted that over time, banks could become more open to the risks of the cryptocurrency market due to its growth and the distancing from past crises. He specifically pointed out that the void created after the 2022 cryptocurrency crises and the closure of Silvergate Bank might facilitate this transition.
Anticipating New Regulations for Stablecoins and Crypto Trading
The report stated that allowing banks to issue stablecoins would ease the auditing of reserves and the holding of cash assets within the banking system. It also mentioned that certain banks might trade cryptocurrencies similarly to stock trading. For this to materialize, Congress would need to approve new regulations for the cryptocurrency market.
Furthermore, Seiberg predicts that restrictions on cryptocurrency-backed loans and digital payment systems using stablecoins may be eased. However, the feasibility of these measures will depend on cooperation between the industry and regulators.
Currently, leading cryptocurrency companies have long complained about U.S. banking regulators’ efforts to push them out of the financial system. The cryptocurrency exchange Coinbase filed a lawsuit against the Federal Deposit Insurance Corporation (FDIC) last year, demanding disclosure of documents to clarify this situation. Recently released documents revealed that banks were not instructed to halt cryptocurrency activities.
Overall, the cryptocurrency sector anticipates a more amicable approach from the U.S. under the Trump administration. Trump’s previous statements that banks would not be allowed to exclude cryptocurrency companies from the financial system have raised hopes within the industry. Expectations are also growing for the administration to issue an executive order on this matter.
