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Donald Trump Considers Abolishing FDIC: A Bold Move Towards the Cryptocurrency Sector?
Donald Trump is making surprising moves to radically change the U.S. banking system, causing a stir in both the financial and cryptocurrency sectors.
Root Reforms: Merging or Abolishing the Banking Agency
According to a report from the Wall Street Journal, Trump's team is exploring the possibility of downsizing, merging, or even abolishing key banking regulatory agencies such as the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC).
A part of this reform plan includes transferring the responsibility of deposit insurance from the FDIC to the Department of the Treasury.
However, to implement these changes, he will need approval from Congress, which is not simple in the current political context.
Cryptocurrency And Historical Opportunity?
The cryptocurrency industry has shown strong support for this plan.
Tyler Winklevoss, co-founder of the Gemini exchange, welcomed Trump's move, arguing that abolishing the FDIC could end restrictive banking policies, such as Operation Choke Point, which pressure cryptocurrency companies.
"If the FDIC is abolished, the cryptocurrency sector will break free from the stringent control of the U.S. banking system, opening up opportunities for breakthrough development," Mr. Tyler stated.
Contrasting Opinions from Experts
While the cryptocurrency sector supports it, many financial experts worry that abolishing the FDIC could cause serious instability in the banking system.
The FDIC currently ensures deposit insurance, helping to maintain public trust and prevent the collapse of multiple banks.
"This is not just a matter of deposit insurance but also relates to national financial security," a specialist warned.
Bold Move, Unpredictable Future
If successful, this reform plan could reshape the entire U.S. financial system while creating profound changes for the cryptocurrency sector.
However, whether Congress and the financial community will accept this risky move remains a big question.