Trump Administration May Intensify Financial Regulation
The Wall Street Journal reports that former President Trump is exploring a policy requiring banks to collect detailed identification data, including passport numbers and citizenship documentation, during account opening.
If implemented, this move would mark a significant shift in the U.S. financial regulatory landscape. Analysts suggest it aims to combat illicit financial flows but raises privacy concerns.
Potential Impact on Crypto Sector
While Trump has been seen as crypto-friendly, this development signals potential tightening. Enhanced identity verification could impose stricter controls on digital asset transactions.
- Banks must upgrade systems for compliance
- Account opening processes will become more complex
- Cross-border transfers may face additional scrutiny
Experts note this could accelerate compliance efforts but might also constrain financial innovation.