The latest example of this meeting came last week when the Trump group was media and technology bearing the name of the President (DjtIt announced plans to expand financial services by launching a company called Truth.fi.
Trump for the media will allocate up to $ 250 million in the truth. The company that maintains the custody of these funds will be one of the best financial giants known in America: Charles Schwab (what).
The company’s logo is displayed for Charles Shawab at a site in New York City. Reuters/Brendan McDermide/File Photo ·Reuters / Reuters
Some other big names in Wall Street may look at a contract of encryption assets for its customers as a result of the change that was put forward by the Trump administration during his first week in office.
The Securities and Stock Exchange Committee decided to eliminate part of the accounting guidance known as the Personnel Accounting Bulletin 121 (SAB 121), which called on financial institutions to retain encryption on their public budget as a commitment.
The old guidelines have made it very expensive for most of the organized banks to provide coding nursery. He also called for increasing general disclosure of non -bank financial companies such as Coinbase Global (currency), Exchange of the main cryptocurrency.
“Goodbye, SAB 121! It was not fun,” said SEC Hyster Pearce Commissioner in X. mail Celebrate change.
Kevin Frum, CEO of the Bank of Financial Services for Financial Services, launched the SEC base changing a “step in the right direction”.
Thinking within the encryption circles is that this one step is part of the shift of the direction that will eventually encourage more banking giants to deal with digital assets. Such a shift would bring broader acceptance acceptance.
Al -Nuborger, head of the Blockchain Group at Proskauer, said that more American financial institutions are allowed to carry digital assets will lead to a “greater level of encryption integration in the prevailing financial channels.”
More than that, encryption is likely to become more common investment assets such as securities, gold or other precious metals. “
Banks are still awaiting new guidelines on the assets of encryption from the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Currency Observer Office (OCC).
The current organization guidance Among those agencies – which were released after weeks after the collapse of the 2022 encryption, which followed the collapse of the exchanging currency FTX – warns banks of the dangers of engaging in encryption activities or even providing the industry with banking services.
The Trump administration has not yet nominated new heads of FDIC and OCC, and the Federal Reserve must also designate a new banking regulator after Michael Bar’s decision to step down as a vice president to supervise by the end of February.
US Federal Reserve Chairman Jerome Powell. Reuters/Kevin Lamark ·Reuters / Reuters
“We are not against innovation, and we definitely do not want to take measures that will make banks completely end the legal customers,” said Jerome Powell, when he was asked about cryptocurrencies this week.
But he also warned that “if you choose this activity inside a bank, which is located within the federal safety network while securing deposits, you want to be completely sure that this is a safe and sound activity.”
Trump has made it clear that he wanted to support his administration to expand the encryption industry. One of the first movements was to assemble a working group of digital assets within the executive branch led by artificial intelligence and CARPTO CZAR DAVID SACKS.
Its goal is to “support responsible growth, use digital assets, Blockchain technology and relevant technologies in all sectors of the economy.”
SEC has also formed a “encryptive business group” to help the American organizer “drawing clear organizational lines, providing realistic registration paths, reasonable disclosure frameworks, and spreading enforcement resources wisely.”
The president also participates in the cryptocurrency industry. Immediately before it opens, the Trump team launched the official Mimi currency for the President 47 (Trump(Along with one of the first lady Melania Trump (Melania) On Solana (TellerBlockchain.
There are a lot of American banks that you may be able to do with encryption, as long as their supervision in Washington allows this.
These options can range from the provision of customer encryption or related boxes to the Stablecoins version of the payments, the trading of customers, and even the deposit management on Blockchain platforms.
“I am not sure that every bank is dying there for the contract of encryption assets,” Ian Katz, an alpha financial organization analyst, told Yahoo Finance. But lenders “prefer to trust their risk management and make their own decisions, and then be determined by the organizers.”
The heads of some of the largest banks are sure to give the topic more.
“For us, the equation revolves around whether we, as a very organized financial institution, can act as transactions,” Morgan Stanley (MsCEO Ted Beck told CNBC through World Economic Forum In Davos, Switzerland.
“We will work with the cabinet and other organizers to find out how we can present it in a safe way.”
Bank of America (Pile“If the rules come and make something real that you can actually do, you will find that the banking system will come hard on the aspect of transactions from it,” CEO, Brian Moinhan, told CNBC at the same event.
Phil Green, CEO/FROSTCFR), Yahoo Finance told me, “It is logical to me that the banking industry will have a role in reservation. I think this is logical to us. But it is really related to what customers want,” I told Yahoo Finance that “It is logical to me that the banking industry will have a role in reservation.
“If President Trump is defending it, and I saw more things happen, undoubtedly, it will be more mind with people, so I expect to get to know our game,” Green added.
David Hollerith is a great correspondent for Yahoo financing that covers banking, encryption services and other areas of financing.
