Wall Street CEOs support all of Trump’s pro-crypto plans
The post Wall Street CEOs support all of Trump’s pro-crypto plans appeared on BitcoinEthereumNews.com.
Wall Street is finally warming up to crypto, thanks to President Donald Trump’s aggressive push to boost the industry, especially after Jan. 23rd’s executive order for the National Digital Asset Stockpile. Barely a week into Trump’s second term, a Jan. 25 report by CNBC says top financial executives are falling in line with his pro-crypto policies in a major pivot for an industry that previously kept Bitcoin at arm’s length. Trump’s executive order emphasizes “protecting and promoting” the use and development of cryptocurrencies. Wall Street CEOs jump in In Davos, Switzerland, at the World Economic Forum, Morgan Stanley CEO Ted Pick said, “We’ll be working with Treasury and the other regulators to figure out how we can offer that in a safe way.” The bank is known for pushing boundaries in crypto before most of its peers. In 2021, Morgan Stanley became the first major U.S. institution to give wealthy clients access to bitcoin funds. By 2024, it had authorized its advisors to pitch bitcoin ETFs to clients. ‘Crypto president’ Trump is surrounding himself with pro-crypto allies to make sure his agenda sticks. Paul Atkins, a former SEC commissioner under George W. Bush, has been nominated to lead the SEC. Howard Lutnick, the CEO of Cantor Fitzgerald, has been tapped as Commerce Secretary. Scott Bessent, a hedge fund manager with a Bitcoin obsession, is Trump’s pick for Treasury Secretary. If confirmed, Scott will oversee the IRS and the Financial Crimes Enforcement Network—two agencies critical to creating clear tax and compliance policies for crypto. Trump’s policies are addressing longstanding frustrations from Wall Street. One major complaint has been the SEC’s 2022 accounting rule, known as SAB 121, which forced banks to classify cryptocurrencies as liabilities on their balance sheets. This rule discouraged banks from offering crypto custody services by imposing strict…
Filed under: News - @ January 26, 2025 5:04 am