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Trump's Crypto Embrace: Bank of America Adapts, Kraken Launches New Payments Platform

Coin WorldWednesday, Jan 29, 2025 6:02 pm ET

1min read

The Trump administration's embrace of decentralized science has sparked debate and controversy in the crypto industry. As the administration takes over, US crypto firms are expanding their offerings, with Bank of America CEO Brian Moynihan acknowledging the need for the banking industry to adapt to crypto payments if regulations progress. Meanwhile, crypto exchange Kraken has launched a new payments platform, Kraken Pay, supporting over 300 fiat currencies and crypto tokens.

Coinbase, a leading crypto exchange, has strengthened its ties to Washington by adding four high-profile figures to its advisory board, including former US Senator Kyrsten Sinema and Chris LaCivita, co-campaign manager for President Donald Trump's re-election bid. This move suggests that Coinbase is positioning itself to have direct influence on policy discussions by aligning with individuals who have deep ties to both the Trump camp and traditional financial institutions.

Favorable regulatory and legal tailwinds have recently boosted Coinbase. Trump's nominations for key roles in US regulators favor the crypto industry in the country. The US president has signed an executive order establishing a crypto working group, prohibiting federal agencies from pursuing a central bank digital currency, and allowing the evaluation and potential establishment of a national digital assets stockpile. Additionally, the US Court of Appeals for the Third Circuit acknowledged that the SEC's reasoning for not providing clear rules was "arbitrary and capricious," binding the regulator to explain its refusal to do so properly.

However, the Trump administration's policies and statements have not been without controversy. In a recent statement, Trump blamed gender ideology and green energy for inflation, raising concerns about the potential impact on cryptocurrency investors. While the administration's embrace of decentralized science has led to some positive developments in the crypto industry, its policies and statements continue to spark debate and controversy.

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