Trump Orders Review of Rules Limiting Crypto Access to US Payment Rails

President Trump has ordered a sweeping review of rules that may be limiting crypto and fintech firms’ access to core U.S. payment infrastructure, a move that could reshape how digital-asset companies interact with bank-like services. The directive lands as Japan advances stablecoin reforms and tokenized real-world assets (RWA) continue to grow, highlighting a widening global push to integrate blockchain finance into mainstream rails.

According to PANews, Trump signed an executive order instructing federal agencies, financial regulators, and the Federal Reserve to identify and evaluate barriers that restrict fintech and crypto companies from obtaining payment accounts and related services. The review is expected to be completed within three to six months, setting a timeline that market participants will watch closely for whether it results in clearer standards—or a loosening—around access to settlement networks and bank intermediaries.

The issue is politically and commercially sensitive. For crypto firms, access to transactional banking services and payment rails is often described as the difference between operating as a regulated financial business and being forced into fragmented, higher-cost workarounds. For regulators and banks, the question is how to manage compliance and risk—particularly around anti-money laundering controls and consumer protection—without creating an effective choke point that blocks legal businesses from participating in the financial system.

In Asia, Japan’s Financial Services Agency has unveiled amendments that would recognize certain foreign trust-beneficiary stablecoins as 'electronic payment instruments' under the country’s Payment Services Act. The changes are scheduled to take effect on June 1 (Japan time), potentially broadening the legal pathways for offshore-issued stablecoins to circulate in Japan under a recognized regulatory framework. The shift is being read as part of Japan’s ongoing effort to create a clearer rulebook for stablecoins while maintaining tight oversight of reserve backing and custody structures.

Flows between traditional finance and crypto markets also drew attention. PANews reported that BlackRock deposited 5,847 Bitcoin (BTC)—worth roughly $450 million—into Coinbase, a transaction traders often track for signals around custody movements and potential liquidity shifts. Separately, the U.S. government transferred 319 Ether (ETH) and about $930,000 in stablecoins to Coinbase from assets tied to seizures related to FTX and Alameda Research, underscoring that government-held digital assets continue to cycle through official wallets and centralized venues.

Among crypto-native platforms, Pump.fun said it will add USDC trading pairs for newly issued tokens starting May 21 while keeping existing SOL pairs. DeFiLlama estimates that about 5.07 million Solana (SOL) has been removed from circulation through related mechanisms since January 2024—an indicator of how token-launch and liquidity designs can influence near-term supply dynamics on Solana’s network.

In market pricing, Bitcoin briefly moved above $77,000, with OKX data cited by PANews showing BTC trading around $77,009 and up roughly 0.63% on the day. While a single day’s move is modest, the level is psychologically important for derivatives positioning and spot market momentum after months of policy-driven narratives dominating crypto’s macro backdrop.

Regulatory tensions expanded beyond crypto into prediction markets. U.S. Commodity Futures Trading Commission (CFTC) and the Department of Justice filed suit against Minnesota and Governor Tim Walz, challenging a new state law set to take effect August 1 that would ban participation in prediction markets tied to outcomes such as sports, weather, corporate valuations, and government events. Federal officials argue these instruments fall under federally regulated derivatives and swaps, and that states cannot reclassify or prohibit them as illegal gambling—a dispute likely to intensify the broader jurisdictional clash between state gaming authorities and federal market regulators.

On Capitol Hill, Senator Cynthia Lummis said she plans to consolidate multiple committee versions of the CLARITY bill and add ethics provisions ahead of an expected Senate-wide vote later this summer. The legislation is aimed at clarifying regulatory jurisdiction and standards for digital-asset markets, an area where overlapping oversight between agencies has been a persistent complaint from industry participants and many lawmakers.

Major U.S.-linked exchanges are also pushing back on elements of a separate market structure proposal. Coinbase, Kraken, and Gemini urged senators to remove provisions that would restrict platform listings for tokens deemed vulnerable to manipulation. In their view, the framework borrows from traditional commodities rules and could make it harder for lower-liquidity tokens to be listed on compliant venues—potentially pushing activity to less regulated markets and narrowing the runway for innovation.

Tokenization trends continued to accelerate. Tokenized equities posted a record daily trading volume of $3.57 billion, with most activity reportedly occurring on Binance and Hyperliquid, while platforms such as Kraken’s xStocks, Ondo, and Bitget contributed to broader onchain stock-volume growth. Bloomberg reported that the U.S. Securities and Exchange Commission (SEC) is preparing guidelines and potential innovation exemptions for onchain equities, signaling that regulators are increasingly treating tokenized securities as an area requiring tailored rules rather than ad hoc enforcement.

RWA tokenization reached another milestone as total market capitalization exceeded $65 billion, up around 44% year-to-date as traditional asset managers expand onchain issuance and transfers. Ethereum (ETH) remains the largest venue with about 33% share, while Provenance accounts for roughly 27%. BNB Chain, XRP Ledger, and Solana each hold around 6%, reflecting a competitive landscape where no single chain has locked in dominance. Providers are increasingly differentiating on 'regulatory compliance' tooling, settlement finality, and fee structures as they court institutional issuers and investors.

Stablecoins, meanwhile, crossed $300 billion in total supply, but broader growth appears to be slowing. Data cited by Odaily showed Tether’s USDT expanding by more than $5 billion over the past month, while the combined supply of USDC, USDe, and PayPal USD (PYUSD) fell by about $4.2 billion. Net stablecoin supply growth over the month was about $900 million—roughly 0.3% of total supply—suggesting rotation within the sector rather than a broad-based expansion of dollar liquidity across all major issuers.

Policy scrutiny of crypto’s encroachment into banking also intensified. Senator Elizabeth Warren criticized the Office of the Comptroller of the Currency (OCC) over what she described as inappropriate approvals of national trust bank charters for crypto-related firms. In a May 18 letter cited by Odaily, Warren argued that at least nine crypto firms have received approvals or conditional approvals since December 2025 in ways that exceed the narrow functions permitted for national trust banks, warning this could weaken consumer protections and create 'regulatory arbitrage'. Firms reported to be included span Ripple, Circle, Paxos, Fidelity, BitGo, Coinbase, Bridge (a Stripe subsidiary), and Crypto.com, among others.

Finally, a notable derivatives trade highlighted the market’s tactical intensity: a whale address reportedly closed a Bitcoin short position for an estimated $12.61 million profit. Large position closures can amplify short-term order-flow shifts, particularly when liquidity concentrates around key psychological price levels.

Together, the developments underscore a market being shaped as much by policy as by price. Trump’s order to review payment-rail access could materially influence how crypto businesses operate in the U.S., while parallel moves in Japan and the rapid growth of tokenized assets point to a broader global contest over how—and where—digital finance becomes part of the regulated financial system.