News 
January 24, 2025 
3 min. 
US President Donald Trump has signed a groundbreaking executive order aimed at resolving banking challenges faced by Web3 companies and fostering a clear regulatory environment for digital assets. The order establishes a digital asset working group tasked with promoting US leadership in the crypto industry and exploring the creation of a strategic national digital assets stockpile. However, the exclusion of the Federal Reserve and Federal Deposit Insurance Corporation (FDIC) from this group has raised eyebrows across the industry.
Trump Federal Agencies Excluded Amid Past Tensions
The decision to leave out the Federal Reserve and FDIC appears to reflect lingering tensions between these agencies and the crypto sector. Caitlin Long, founder and CEO of Custodia Bank, highlighted this in a recent post on X (formerly Twitter), stating, “Trump’s crypto executive order excludes the Fed & FDIC from the digital asset working group. Both tried to kill the industry through debanking & especially targeted my company, Custodia Bank. Both belong on the outside.”
During the Biden administration, several crypto firms faced challenges accessing banking services, with critics dubbing this coordinated effort “Operation Chokepoint 2.0.” Over 30 technology and crypto entrepreneurs reportedly experienced “secret debanking” over the past four years. The 2023 collapse of crypto-friendly banks only intensified scrutiny, as critics accused the government of pressuring banks to sever ties with cryptocurrency companies.
Stablecoin Policy and Financial Reforms
The executive order also shifts authority over stablecoin legislation away from the central bank. According to Long, this move allows Treasury Secretary Scott Bessent to take a leading role in shaping stablecoin policy. Bessent, a billionaire investor and former partner at Soros Fund Management, is expected to bring a fresh perspective to the discussion.
In tandem with this development, the Securities and Exchange Commission (SEC) has rescinded the controversial Staff Accounting Bulletin 121 (SAB 121), which had imposed stringent requirements on banks holding cryptocurrencies. Its replacement, SAB 122, removes earlier restrictions and aims to facilitate smoother crypto custody for US banks, marking another win for the industry.
Trump’s executive order signals a significant policy shift, offering optimism for the crypto industry while sidelining agencies previously criticized for impeding its growth. Whether this move will bring the desired stability and innovation remains to be seen, but it undeniably sets a bold new tone for the future of digital assets in the United States.
