President-elect Donald Trump could sign executive orders in support of Bitcoin and the broader crypto sector. The digital assets market remained under siege during the Biden administration as the U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler repeatedly filed lawsuits against crypto and fintech firms. The four years of regulatory “harassment” could soon come to an end under Trump, reported the New York Times.
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U.S. Banks Harassed Crypto Firms & Trump Will Undo the Damage, Says Bitcoin Investor
Several banks in the U.S. faced regulatory difficulties in dealing with cryptos as the SEC targeted the sector. The SEC did not allow the crypto sector to flourish, stunting the price of Bitcoin and other digital assets. Bitcoin and the larger crypto market rallied only after Trump reclaimed the White House in November last year. BTC hit an all-time high of $108,135 in December 2024 and is now hovering around the $99,200 mark on Thursday.
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The New York Post reported that several banks were forced to refuse working with clients due to their crypto connections. “All those banks who worked with cryptocurrencies faced regulatory harassment,” said Nic Carter, a crypto investor at Castle Island Ventures. Trump could put an end to the regulatory harassment, making Bitcoin and the crypto markets flourish.
Carter explained that banks did not openly tell investors that they were not dealing with them because of their crypto connection. “Banks never tell you why they’re de-banking you. They may communicate verbally that there are reputational risks, but the conversation is so obscure.” The situation led to many fintech firms moving out of the U.S. and opening offices in Dubai and other regions. Trump vowed to make the U.S. the Bitcoin and the crypto capital of the world during the campaign trial.
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Another analyst explained that Trump’s executive orders in support of Bitcoin and the crypto sector would bring fintech firms back to the U.S. “Founders across the market are looking to make a comeback or expand into the U.S. for the first time in four years,” said Dennis Dinkelmeyer, the founder and CEO of European-based cryptocurrency investment firm Midas.