Trump's Executive Order Sparks Hope for Ripple's XRP Amid Dollar Payment System Review

On May 19, US President Donald Trump signed an executive order that aims to review and revise regulations surrounding access to the country's dollar payment system for crypto companies. The move is seen as a significant development for Ripple and its XRP cryptocurrency, which has long positioned itself as a tool for fast and low-cost cross-border payments.

The executive order directs federal regulators to examine existing laws and policies that may be hindering fintech and crypto firms from partnering with federally regulated institutions such as banks, credit unions, and investment advisers. Regulators are also tasked with reviewing rules that make it difficult for these companies to obtain national bank charters, insurance, and other federal authorizations.

The Federal Reserve Board (FRB) is given 120 days to submit a report on the findings, including an assessment of whether digital asset firms can access the government's payment accounts and services directly. The regulator must also determine its legal authority to provide direct access to its payment system and identify potential risks associated with doing so.