U.S. President Donald Trump is about to sign a new Executive Order on Cryptocurrencies

President Donald Trump is set to sign a new executive order this week that could reshape the crypto banking landscape by reversing the Biden administration's policies. According to sources familiar with the matter, the order may include directives that allow crypto banks to access the Fed's payment system and clarify that stablecoins should not be classified as securities. The executive order is expected to explicitly repeal regulatory measures related to "Operation Chokepoint 2.0," an initiative allegedly by President Joe Biden to restrict banking services for crypto companies. The Trump administration sees these restrictions as detrimental to the growth of the digital asset industry, sources familiar with the matter said. Bo Hines, executive director of the White House President's Working Group on Digital Assets, confirmed that an order is in the works but declined to provide details. "I think the industry can expect something very soon," Hines said. One of the most significant impacts of Trump's upcoming executive order may be a change in the Fed's stance on granting key accounts to crypto-focused banks. The master account provides direct access to the Fed's payment system, a requirement for banks that serve customers across the country. Under the Biden administration, the Fed has repeatedly refused to grant prime accounts to crypto-friendly banks like Custodia Bank, effectively preventing them from operating. If implemented, a policy change from the Fed that would grant access to the payment system could represent a major breakthrough for the digital asset industry. However, the Fed is an independent institution and their policies are not decided by the executive branch. According to the Fed's official policy, their decisions "do not require the approval of the president or anyone in the executive or legislative branch of government." This could pose a legal challenge to any directive that tries to force the central bank to act. Senior White House officials will meet on Thursday to discuss potential legal challenges before finalizing the executive order, the sources said. The administration aims to ensure the directive withstands legal scrutiny before it reaches Trump's desk for him to sign. The guide is also expected to cover stablecoins and reaffirm that they should not be classified as securities. If signed, it would be the third crypto-focused executive order that President Trump has issued since taking office.