[Analysis] “Prospects for Improved Relations Between the Cryptocurrency Industry and Banks Under the Trump Administration”

With just over two weeks left until Donald Trump takes office, there are predictions that the relationship between the cryptocurrency industry and the banking sector, which has been fraught with conflict, could improve positively.

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According to The Block, a cryptocurrency-focused media outlet, TD Cowen predicts that under the Trump administration, banks could see an improvement in their relationship with the cryptocurrency industry.

Jaret Seiberg and the Washington Research Group stated in a report, “Banks have the responsibility to comply with anti-money laundering (AML) and Bank Secrecy Act (BSA) regulations and manage risks such as liquidity and concentration,” adding, “If the Trump administration takes power, it is inevitable that the relationship between traditional finance and the cryptocurrency industry will change positively.”

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However, some banks may still take a cautious stance. He noted, “Some banks may still see risks in increasing their relationship with cryptocurrencies,” adding, “This could be targeted by new banks.” Additionally, stablecoins (assets pegged to the value of fiat currency) were highlighted as the area of cryptocurrency that banks would be most interested in, as they hold cash, making them advantageous for issuing stablecoins.

In the U.S., there has been ongoing conflict between the cryptocurrency industry and the traditional financial sector, particularly banks. There was even a conspiracy theory that banks had been implicitly implementing cryptocurrency-related sanctions, known as Operation Chokepoint 2.0. Some cryptocurrency figures claimed that banks were trying to restrict access to traditional financial services for the cryptocurrency industry.

Brian Armstrong, the founder of Coinbase, said about Operation Chokepoint 2.0, “It actually happened. Unethical and un-American actions occurred under the Biden administration,” adding, “We are currently collecting evidence from victims through the Freedom of Information Act (FOIA).”