Trump Orders Fed and Government to Review Crypto Firms' Access to Payment Rails!

President Trump has directed federal agencies and the Federal Reserve to conduct a formal review of crypto firms' access to payment rails — a move that puts the banking access of exchanges, stablecoins issuers, and crypto-native fintechs squarely in the crosshairs of regulators.

The order revives the spectre of Operation Chokepoint 2.0, the informal debanking pressure campaign that crypto executives argued was systematically cutting off the industry from correspondent banking and ACH networks during the Biden era. A structured government review could either codify protections for crypto firms — or provide a bureaucratic framework to restrict access further, depending on how agencies implement the mandate.

For markets, the uncertainty is the risk. Any tightening of payment rail access would directly impair on-ramp and off-ramp liquidity for retail and institutional participants alike,…