Full Text of Trump's Executive Order: Integrating Digital Assets and Financial Technology Innovation into the Regulatory Framework

Source: The White House, USA; Compiled by: Golden Finance

On May 20, Beijing time, U.S. President Donald Trump signed an executive order on Tuesday local time, directing the federal government and the Federal Reserve to review the existing regulatory framework, in order to promote the deeper integration of digital assets and financial technology into traditional financial services and payment systems.

The executive order requires U.S. financial regulators to review the current rules within the next three months and identify any “unreasonable barriers” to financial technology companies collaborating with federally regulated financial institutions. Within six months, regulators are also required to take measures to encourage financial innovation.

Among other things, the order specifically requires the Federal Reserve to reassess the eligibility of uninsured depository institutions and non-bank financial companies to obtain payment accounts and payment services. The document also asks 12 regional Federal Reserve Banks in the United States to study whether they can independently make payment accounts available to relevant institutions without relying on approval from the Federal Reserve Board.

The following is the full text of Trump’s executive order.

Pursuant to the powers vested in me by the Constitution and the laws of the United States, I hereby order as follows:

Section 1: Policy

The United States is a global leader in financial innovation, and the rapid development of financial technology companies is an important driver. Such companies launch various innovative financial products and service solutions, expanding the public’s access to financial services and creating development opportunities for all people in the United States.

To help foster the development of financial innovation, the federal government shall revise existing regulatory rules, promote the integration of digital assets and innovative technologies into traditional financial services and payment systems; at the same time, it shall eliminate redundant, cumbersome, and inconsistent regulatory rules and approaches to regulatory enforcement, and break down industry entry barriers — barriers that have long favored traditional established financial institutions and have hindered healthy competition in the market.

Accordingly, the following national policy of the United States is established: streamline regulatory processes, reduce unreasonable industry entry thresholds, and promote multi-party collaboration among fintech companies, federally regulated financial institutions, and federal financial regulatory authorities.

Section 2: Definitions

The definitions applicable to this executive order are as follows:

(a) Financial technology company: refers to a non-bank entity that, relying on or developing various technological means, provides or assists in providing financial products and financial services; it includes all kinds of applications, digital and online technologies, which may be used in scenarios such as connecting channels for financial product and service offerings, asset management, and data processing.

The financial products and services involved include, but are not limited to: payment clearing, credit businesses, deposit-taking, derivatives trading, investment management, brokerage services, securities underwriting and capital market businesses, asset custody and trust services, digital banking business, services related to digital assets, securities and commodities market businesses, and blockchain technology–related financial services.

For purposes of a clear definition, the scope of the aforementioned financial business categories also includes all business activities listed in subitems A through G of paragraph (4) of section (k) of Article 4 of the 1956 Bank Holding Company Act.

(b) Bank: shall be defined by reference to the relevant provisions of Title 3 of the Federal Deposit Insurance Act.

(c) Credit union: shall be defined by reference to the insured credit unions defined in Article 101 of the Federal Credit Union Act.

(d) Financial products and services: refers to the business activities permitted for banks and credit unions under federal and state laws, as well as the financial business listed in Appendix A to Part 242 of Title 12 of the Code of Federal Regulations.

(e) Federal financial regulatory authorities: includes the Consumer Financial Protection Bureau, the U.S. Securities and Exchange Commission, the National Credit Union Administration, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency.

Section 3: Simplifying Regulatory Processes

(a) Within 90 days from the effective date of this executive order, the heads of all federal financial regulatory authorities shall comprehensively review existing regulations, regulatory guidance, regulatory enforcement standards, and business application processes. They shall identify rule provisions that can be optimized or revised, to help financial technology companies carry out innovative financial business, participate in market competition, and provide key support to small and emerging fintech entities.

This review must identify two types of regulatory obstacles: first, regulatory provisions, guidance documents, administrative rulings, no-objection letters, and the like that hinder cooperation between fintech companies and licensed federal financial institutions such as insured depository institutions, credit unions, securities brokers and dealers, investment advisers, futures brokers, etc.; second, relevant rules that can be revised and optimized to simplify compliance application processes, to streamline approval steps for fintech companies that meet the conditions and apply for bank charters, credit union charters, deposit/share insurance, and other federal operating qualifications.

Process optimization must take into account the principles of multiple stakeholders: balance the needs of innovation and development, strictly adhere to the bottom line of financial safety and soundness, implement protections for the rights and interests of financial consumers and investors, maintain market order and ensure financial stability, and improve established, normalized regulatory mechanisms.

(b) Within 180 days from the effective date of this executive order, the heads of all federal financial regulatory authorities shall, based on the review results in the first paragraph of this section, coordinate with the U.S. President’s Economic Policy Assistant to issue supporting measures to support the implementation of financial innovation.

Section 4: Federal Reserve Service Access

(a) Require the U.S. Board of Governors of the Federal Reserve System to simultaneously implement all reform measures set forth in Article 3 of this executive order.

(b) Require the Federal Reserve to comprehensively reexamine and review the relevant laws, regulatory rules, and policy framework, and clarify the admission rules under which uninsured depository institutions and non-bank financial institutions (including market participants that develop digital assets and various new types of financial businesses, collectively referred to as applicable participants) directly participate in real-time immediate payment networks, apply to establish Federal Reserve Bank payment accounts, and use Federal Reserve payment services. Within 120 days from the effective date of this executive order, the Federal Reserve must, through the U.S. President’s Economic Policy Assistant, submit a special assessment report to the President, setting out research conclusions, admission proposals, and policy recommendations. The assessment shall include:

1. (i) Under the Federal Reserve Act and other applicable existing federal laws, the legal authority of the Federal Reserve to directly open reserve bank payment accounts and provide payment services to applicable participants in accordance with law;

2. (ii) Within the scope permitted by law, feasible implementation plans to expand service access channels, relying on compliance and risk control mechanisms;

3. (iii) Legal barriers that prevent market participants from direct access, an in-depth analysis of the depth of such barriers, and legislative and regulatory optimization pathways that can both open up access and mitigate risks to the payment system, thereby safeguarding financial stability and U.S. economic security;

4. (iv) Whether the twelve regional Federal Reserve Banks across the United States have statutory authority for independent approval and independent decision-making on whether to open payment accounts and payment services; if regional Federal Reserve Banks have independent decision-making authority, what unified regulatory policies the Federal Reserve’s head office has formulated or intends to issue to ensure that all applicable participants are subject to uniform review standards regardless of which regional Federal Reserve they submit applications to.

(c) If, based on the assessment in the second paragraph of this section, the Federal Reserve determines that existing law permits applicable participants to directly connect to Federal Reserve Bank payment accounts and payment services, it shall formulate a publicly transparent application process, and complete the approval determination within 90 days after receiving a complete set of application materials.

Section 5: General Provisions

(a) No provision of this executive order may be construed as:

1. (i) reducing the statutory authority that federal executive departments, agencies, and their heads are entitled to by law;

2. (ii) interfering with the statutory functions of the Director of the Office of Management and Budget regarding fiscal budgeting, administrative affairs, and legislative proposals.

(b) This executive order shall be implemented strictly in accordance with existing laws that are currently effective, and any implementation funds shall be limited to appropriated fiscal funds provided by Congress.

(c) This executive order does not create any entity rights and procedural rights that may be asserted against the United States federal government, federal subordinate agencies and institutions, public officials, and related entities through common law or equity. It also does not grant any statutory interests to any entity.

(d) The official publication and issuance costs for this executive order shall be fully borne by the U.S. Department of the Treasury.

Donald J. Trump

The White House

May 19, 2026