Trump Signs Executive Orders Impacting Crypto and Fintech Regulation

U.S. President Donald Trump has recently signed two executive orders, according to PANews. The first order, titled 'Restoring the Integrity of America's Financial System,' targets tax evasion and off-the-books payments by non-U.S. nationals. This has led to banks significantly tightening KYC (Know Your Customer) controls for non-U.S. individuals, posing risks of scrutiny and potential freezing of fiat transactions for non-U.S. crypto investors. The second order, 'Integrating Financial Technology Innovation into the Regulatory Framework,' aims to facilitate the operations of crypto and fintech institutions. It mandates the Federal Reserve to evaluate policies that would allow crypto banks and non-bank digital asset companies direct access to Federal Reserve clearing accounts and payment systems. The overall regulatory approach appears to be stringent on personal identity verification while easing restrictions on industry institutions.