The US Senate and House of Representatives are investigating claims that financial regulators under former President Joe Biden abused their authority to cut crypto companies off from banking services, according to a Jan. 24 statement by the Congress.

President Trump's Jan. 23 executive order creates a crypto task force to craft rules and study a national reserve or stockpile of digital assets.

"The executive order, as a whole, is mostly aspirational and symbolic. But the direction it points, I think, is quite bullish," a crypto market source told BI.

When it comes to the crypto industry, President Trump means business. He has already issued an executive order to stop some banking challenges for crypto and Web3 companies. This excluded the Fed and the FDIC,

President Donald Trump signed an executive order on Thursday that would possibly create a national digital asset stockpile for the first time along with promoting the advancement of cryptocurrencies.

The executive order directs the government to propose a regulatory framework and explore the creation of a digital asset stockpile.