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Rob Cunningham | KUWL.show
@KuwlShow
• XRP Price Before Law v 2.0 •
Last Friday’s major institutional question was:
“Why should we expose ourselves to digital assets before Congress tells us exactly what everything is?”
Also the “John Thune would s**k in the WNBA, too” week in DC.
Today, the increasingly defensible boardroom question has become:
“Why are we refusing even to prepare for an asset class and financial architecture that the Executive Branch has expressly directed federal regulators to integrate into the traditional financial system?”
EO 14405 & EO 14406 signed on May 19, 2026, now offer a profound inversion of institutional risk, thanks to Lady Thune.
And then comes the Federal Reserve provision, too.
This may ultimately be the most strategically important part of EO 14405.
President Trump specifically requested that the Federal Reserve conduct a comprehensive review of whether uninsured depositories and non-bank financial firms – explicitly including firms (like @Ripple) engaged in digital assets and novel financial activities – can obtain direct access to Federal Reserve payment accounts and services. His EO asks the Fed to analyze legal authority, barriers, risk-management structures and options for expanding access. Where existing law permits access, it asks for transparent application procedures and decisions on complete applications within 90 days.
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The institutional message is much bigger than “Trump supports crypto”
EO 14405 does something unusually important for bank boards, investment committees and general counsels: it establishes as formal policy of the United States that federal regulation should permit the integration of digital assets and innovative technology into traditional financial services and payment systems, while removing unnecessary barriers that favor incumbents.
It expressly sweeps in 11 areas:
payments
derivatives
investment management
brokerage
underwriting
capital markets
custody
fiduciary services
securities
commodities and
blockchain-based services
Think about the architectural implication.
For most of crypto’s history, the industry sat outside the monetary fortress, accessing traditional payment infrastructure through banking intermediaries.
EO 14405 asks whether portions of that wall can legally become a door.
It doesn’t grant every crypto company a master account. It does something institutionally significant nonetheless: it moves direct access by digital-financial businesses from something regulators might resist philosophically to something the Federal Reserve has been formally asked by the President to evaluate and justify structurally.
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And EO 14406 provides the other half of the institutional equation
This is where the two orders operate almost like a matched pair.
EO 14405 says:
Integrate innovation. Reduce artificial barriers. Examine payment-system access.
EO 14406 says:
Do it while strengthening financial integrity, BSA compliance, customer identification and defenses against illicit finance.
The second order directs Treasury and banking regulators toward stronger risk-based customer due-diligence and customer-identification requirements, while identifying money laundering, t*********g, fraudulent identity structures and unlawful cross-border activity as priorities.
That matters enormously to boards.
Because the strongest institutional argument against digital assets was never merely “crypto is volatile.”
It was:
Regulatory risk + AML risk + reputational risk + counterparty risk + uncertain classification = don’t touch it.
The Administration’s emerging framework is effectively separating those issues:
Innovation is legitimate. Digital assets belong inside regulated finance. Access should be evaluated. Bad actors should be policed aggressively.
That is a much easier proposition for a compliance committee to defend.
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Source(s):
• https://x.com/KuwlShow/status/2086963843087904930
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