President Donald Trump signed an executive order on May 19 that tells federal regulators to take a fresh look at the rules governing fintech and digital asset companies. The order specifically targets barriers these firms face when trying to access the banking system and payment networks.
The directive to regulators
The order gives agencies 90 days to identify which existing regulations are blocking fintech startups and cryptocurrency businesses from getting bank accounts or using payment rails. It does not name any specific rule or regulator — instead, it asks for a broad survey of obstacles across the financial system.
Regulators have until mid-August to report back. The White House did not spell out what happens after that deadline, leaving the next steps tied to whatever the review uncovers.
What the order covers
The scope isn't limited to crypto. The order covers any technology-driven financial service — from mobile payment apps to lending platforms to blockchain-based products. But digital asset firms have long complained that banks refuse them accounts or cut off access to payment networks, often without clear regulatory justification.
The executive order doesn't change any law or rule by itself. It's a directive to review, not to rewrite. Still, the 90-day timeline gives the review a concrete deadline, pressing agencies to act faster than they might on their own.
Access to the banking system has been a recurring headache for digital asset companies. Some have said they were denied accounts not because of their specific business but because of broad policies against the entire crypto sector. Others report that payment processors drop them without explanation.
The order doesn't guarantee those problems go away. But it forces regulators to formally examine whether current rules are fair — and whether they're being applied consistently. For smaller fintech startups, even a clear answer about what's allowed could be a step forward.
The 90-day clock
That clock started ticking May 19. Agencies now face a hard deadline to compile their findings. If they miss it, the order doesn't contain a penalty — but in Washington, missing a presidential deadline carries political risk.
Exactly which agencies are involved? The order says “federal regulators,” which likely includes the Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and possibly the Treasury Department. But the White House hasn't published a specific list.
What happens in August is the unresolved question. The order leaves the next move to the administration — whether that means new rulemaking, guidance, or legislation. For now, fintech and digital asset companies are waiting to see what regulators find.
