Washington, D.C. — Several outlets have reported that President Donald Trump is planning to sign another cryptocurrency executive order, this time rolling back Biden-era rules preventing crypto banks from obtaining banking services from the Federal Reserve. This would be the third executive order signed by President Trump removing guardrails that curb harmful or risky crypto industry practices since taking office. The Office of the Comptroller of the Currency also recently rescinded guidance that directed banks to tread carefully before exposing themselves to the widespread risks found in the crypto industry. Meanwhile, this week the Federal Trade Commission announced there were huge increases in fraud reported by consumers in 2024, totaling $12.5 billion, with investment scams the most common fraud type reported. And, the FTC said consumers reported losing more money to scams where they paid with bank transfers or cryptocurrency than all other payment methods combined.
Demand Progress Education Fund has repeatedly called out the corruption behind the Trump administration’s embrace of cryptocurrencies.
The following is a statement from Mark Hays, associate director of cryptocurrency and financial technology at Demand Progress Education Fund:
“When talking about cryptocurrencies, it’s important to remember that crypto’s primary use case is to be an asset that gamblers can buy low and sell high, while leaving millions of Americans as victims. Trump’s own FTC just reported that consumers lost more money to scams when paying with bank transfers or cryptocurrencies than any other payment method. These executive orders only make sense if you realize that crypto gamblers have donated millions of dollars to President Trump and both parties in Congress, and are now expecting a return on their investment.
The entire point of the Trump administration’s embrace of crypto is to tie the fate of the U.S. economy to a boondoggle, making the crypto industry too big to fail. The winners would be crypto grifters and the losers would be the American people, whose financial futures would now be dependent on a worthless, volatile asset used for market gambling.”