Trump's Executive Order May Impact Undocumented Immigrants' Access to Banking Services

U.S. President Donald Trump has issued an executive order on May 19, directing federal regulators to consider stricter fraud screening measures for services provided to undocumented immigrants. According to NS3.AI, the order instructs the Treasury Department to develop guidance on peer-to-peer payment platforms that are often used for off-the-books wage payments. Experts have expressed concerns that limiting banking access could drive some individuals towards cryptocurrencies, cash, shadow banks, or organized crime networks. Tom Feltner highlighted that stablecoins and Bitcoin ATMs do not offer the uniform protections required of federal remittance providers.