Trump Signs Two Executive Orders on May 22: Tightens Non-US Residents' KYC, Opens Door for Crypto Banks

According to PANews, on May 22, President Trump signed two executive orders reshaping U.S. financial regulation. The first, "Restoring the Integrity of America's Financial System," targets tax evasion and undisclosed payments by non-U.S. citizens, triggering stricter KYC controls at banks and increasing risks of scrutiny and frozen accounts for non-U.S. crypto investors' fiat deposits and withdrawals.

The second order, "Integrating Financial Technology Innovation into the Regulatory Framework," directs the Federal Reserve to evaluate policies allowing crypto banks and non-bank digital asset companies direct access to Federal Reserve settlement accounts and payment rails, signaling regulatory easing for financial technology institutions.