“Get Your $ Trump Now”. With this message, Donald Trump announced the creation of his own cryptocurrency, three days before taking over the US presidency. The Meme’s Cryptocurrency of the US President, the capitalization of which reached $ 15 billion in its peak, but it is not the only one Sample of ‘Love’ of the new US government For digital assets.

The newly formed part of the government, Doge, named after another Meme Coin, marks the emphasis that the Trump government puts on cryptocurrencies. As well as an executive decree on January 23, which states that digital assets will play a “vital role in the innovation and economic development of the United States, as well as in the international primacy of our country”.

But what does this new US focus on the country’s financial system mean in practice?

Economist attempts to give an answer to the above question, focus on the changes coming and to the risks which they have.

As he notes, the Joe Bated government fought hard to prevent the penetration of the cryptocurrency industry into Wall Street. Its strict rules have been prohibitively expensive in banks from maintaining digital assets on behalf of their clients and prevented them from creating their own cryptocurrencies, such as stablecoins (which are linked to the dollar or other tangible assets).

The Federal Deposit Insurance Corporation (FDIC), one of the supervisory authorities of the US Financial System, has prevented dozens of such efforts on the grounds that he did not know how digital assets should be dealt .

Today, however, the banks and the cryptocurrency industry have reinstated the issue to the forefront and are pushing in the same direction, and find little resistance. Consequently, the emergence should be expected initially Young and extremely lucrative risk -taking products And then, intense, intense, when digital innovative products, which have the full favor of the White House, will clash with the “veterans” of the US banking sector.

Crying the traditional financial system, as the Economist notes, is already underway. On January 21, Travis Hill, a temporary president of FDIC, declared that the cryptocurrency regulatory framework should provide greater transparency, and that all law -abiding customers should have access to bank accounts.

Cryptocurrency advocates hope that the new US government will put an end to ‘Debanking“(That is, the refusal of the banking system to provide access or to his ability to lift customers to access legal concerns). The industry is particularly vulnerable to it because of the fears of money laundering.

Subsequently, on January 23, the US Securities and Exchange Commission changed its rules so that financial institutions no longer need to be held accountable, in their balance sheets, for the digital assets they maintain on behalf of customers.

These changes will affect almost every institution in Wall Street. Brian Mainhan, chief executive of Bank of America, notes that banks will embrace cryptocurrencies, such as stablecoins, that will facilitate transactions. They are also going to start developing trading and cryptocurrencies as soon as they will have a clear picture of the details of the new regulatory framework.

But in order to make this shift to digital assets, some institutions will probably proceed to Crypto Company Acquisitions. Dylan Walls of Oliver Wyman’s consulting company even believes that there could even be a wave of acquisitions in the opposite direction, with digital assets companies acquiring traditional financial institutions.

Some cryptocurrencies also could even attempt to redeem Institutions with a banking licensesomething that would allow them to accept deposits and provide loans. This would result in the greater overlapping activities between the cryptocurrency industry and the traditional banking system.

Such a development would make it difficult for any future president of the Democratic Party to change course. “It is practically much more difficult for regulators to go back,” explains Julie Andersen Hill of the University of Wyoming.

However, the traditional financial system and the sector of cryptocurrencies do not align to each issue. The highest point of dispute is the Federal Reserve’s payment lines. About 9,000 companies maintain main accounts at the US Central Bank. These accounts allow their owners to make payments without intermediary, reducing the costs and complexity of transactions. Custodia Bank, a cryptocurrency company holding a guardian in Wyoming, applied for a main account in 2020 but was rejected. Kraken Financial, another cryptocurrency company, also applied four years ago. He still awaits the Fed’s “answer”.

Traditional banks are satisfied with this situation. The Institute of Banking Policy and the US Bankers’ Union, two powerful lobbies, have supported the Fed’s right to block access to the main accounts. They emphasized the need to protect the system against dangers, credit, cyber security and reputation, in particular the risks of money laundering and terrorism funding. Banks also argue that it is subject to stricter regulatory rules than other Fintech companies. For her part, Caitlin Long, Custodia’s chief executive, complains that traditional credit institutions are surrounding their access to the country’s financial lines.

This disagreement will probably continue. This is because Trump may choose to appoint members to the Fed Board of Directors on the basis of their stance on expanding access to the Central Bank’s payment structure, but will be able to appoint only two persons in the next four years.

Many may be happy with The obstacles in front of the Trump government in front of her. Michael Bar, the outgoing head of the Fed Financial Supervisory Committee, has emphatically warned the dangers of the financial sector. The industry has also gained a bad reputation, and not unjustly. Sam Bankman-Fold, founder of FTX, who was once one of the largest exchanges in the world, was sentenced to 25 years in imprisonment for fraud. Changgeng Chao, founder of another large exchange, has served a four -month prison sentence for money laundering. The regulators, therefore, reasonably want to protect the traditional financial system from such scandals.

Another deterrent reason is related to the great volatility of cryptocurrencies. Steven Kelly, of Yale University, says he is worried about the consequences of “interaction of prices for cryptocurrencies with developments in banks”. If bank deposits are vulnerable to the moves in the market for cryptocurrencies, institutions will become more vulnerable to outflows. This, as Kelly notes, happened in the case of Silvergate and Signature, two banks who had focused on cryptocurrencies and eventually collapsed in 2023. Their collapse was triggered by the fall of cryptocurrency prices that began in late 2021 and the consequences of the collapse. of the ftx exchange.

But the most worrying, as the Economist notes, is that America, in every aspect of it -From the popularity of gambling and innovative forms of retail to the raising prices of cryptocurrencies and the election of president- hugs the danger. For bankers, the prospect of digital funding provides great opportunities to create new revenue lines. For American consumers, it can even lead to major innovative changes. In any case, the Trump government is willing to find out how many risks are willing to take over the Americans. But if Wall Street’s “merger” with blockchaine does not bring about the expected, the cost can be fatal.