The financial industry is undergoing an unprecedented transformation. According to Nate Geraci, President of The ETF Store, the White House may soon issue an important executive order aimed at punishing banks that discriminate against cryptocurrency companies. This initiative not only marks a significant shift in policy but also signals a reshuffling of the power dynamics in the financial sector.

The core of this policy is to require regulatory agencies to conduct a comprehensive investigation into whether banks are refusing to provide services due to 'political stance' or 'encryption business', particularly targeting the recent so-called 'Operation Chokepoint 2.0'. Violating banks may face hefty fines, business restrictions, and even severe penalties such as forced divestitures. The severity of this punishment is reminiscent of Nigeria's previous astronomical fine of $81 billion imposed on a certain well-known encryption currency exchange.

This policy direction sends out a deep signal: the government seems to have made up its mind to incorporate encryption currency into the mainstream financial system. Previously, the government had taken measures such as establishing a Bitcoin strategic reserve and promoting stablecoin legislation, and this executive order may be the concluding piece of this series of initiatives.

For banks, the biggest concern is undoubtedly losing access to the Federal Reserve's master account. Take the encryption bank Custodia as an example, its master account application was denied, leading to a near paralysis of its operations. Now, with the shift in policy direction, the capital behind it may start to position itself in some tokens that are considered compliant.

At the same time, some cryptocurrency companies that have long adhered to compliance routes, such as Coinbase and Circle, have seen significant increases in their stock prices. This series of changes undoubtedly brings new possibilities and opportunities for the future development of the cryptocurrency industry.

However, we should also recognize that the impact of this policy shift could be profound. It is not just about the development of the encryption currency industry, but it may also trigger a reconstruction of the entire financial system. In this process, how to balance innovation and risk control, and how to ensure the stability of the financial system, will be challenges that policymakers and market participants need to face together.