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ARTICLE · 30 JANUARY 2025

White House Embraces Crypto As SEC Opens Door For Banks

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The Trump administration is moving swiftly to reshape federal digital asset policy.

United StatesTechnology
Daniel J. Davis
Daniel J. Davis
Alexander C. Kim
Alexander C. Kim
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The Trump administration is moving swiftly to reshape federal digital asset policy. On January 23, President Trump issued an executive order (Executive Order) that reverses key elements of a Biden-era federal policy framework that emphasized strict oversight, enforcement actions, and consumer protection warnings. On the same day, the SEC eliminated accounting rules that had effectively prevented banks from offering crypto custody services — marking a dramatic and coordinated shift in the government's approach.

Executive Order Reverses Federal Digital Asset Policy

The Executive Order explicitly rescinds both President Biden'sExecutive Order 14067 andTreasury's Framework for International Engagement on Digital Assets — two cornerstones of previous US crypto policy. Where Biden's directive prioritized central bank digital currency (CBDC) development, Trump's Executive Order prohibits federal agencies from pursuing CBDCs, characterizing them as threats to "the

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