Trump directs regulators to review crypto access to payment systems

U.S. President Donald Trump has directed the government and the Federal Reserve to review crypto companies' access to payment systems. According to CoinDesk, Trump signed an executive order on May 19 directing the federal government to update its regulatory system to allow for the integration of cryptocurrencies and innovative technologies into existing financial services and payment systems. Under the order, financial regulators will have the next three months to review existing rules and identify any regulations or documents that unfairly hinder fintech companies from partnering with federal regulators. President Trump also ordered the agencies to use this analysis to take measures encouraging innovation within the following six months. These measures include re-examining how to allow non-insured depository institutions and non-bank financial companies to access payment accounts and services.