Donald Trump’s election win has spurred a rally in cryptocurrency prices and enthusiasm. Trump pledged to create a national bitcoin stockpile and form a council to set regulatory policy. Founders and others inside the crypto industry are hoping for new regulators who champion crypto assets at banks and a change to the policy that urges banks to consider a client’s reputation.
“Banking crypto is still a poisoned chalice today,” Carter said. “They do not want the Eye of Sauron descending upon them”—a reference to the omniscience of the villain in “The Lord of the Rings.”