President Donald Trump has indeed signed an executive order aimed at reducing cryptocurrency regulations, particularly those affecting banks, as part of his broader pro-crypto policy agenda. On January 23, 2025, Trump issued the executive order titled “Strengthening American Leadership in Digital Financial Technology,” which addresses several aspects of digital asset regulation, including banking services for crypto companies. This action fulfills campaign promises to create a more favorable regulatory environment for the cryptocurrency industry, which faced significant scrutiny and enforcement actions under the previous Biden administration.

A key component of the executive order is its directive to protect and promote “fair and open access to banking services” for law-abiding individuals and private entities in the crypto sector. This addresses long-standing industry complaints about “Operation Choke Point 2.0,” a term used by crypto advocates to describe what they perceive as a deliberate effort by regulators to pressure banks into denying services to crypto companies.

The order does not explicitly terminate this alleged policy but signals a shift toward ensuring that crypto firms can access banking services without undue restriction. This is particularly significant for banks, as it could encourage them to custody digital assets, offer crypto-related services, and integrate cryptocurrencies into their portfolios, activities that were previously constrained by regulatory guidance.
One specific regulatory rollback highlighted in the executive order’s implementation is the rescission of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121), announced on the same day the order was signed.

SAB 121, issued in 2022, required banks and other custodians to record digital assets held on behalf of clients as both assets and liabilities on their balance sheets, effectively making it prohibitively expensive for many institutions to engage in crypto custody services. The rollback of this guidance, as directed by Trump’s order, is expected to lower the cost of compliance for banks, thereby encouraging greater participation in the crypto market. Industry leaders, such as Circle CEO Jeremy Allaire, have publicly supported this repeal, arguing that it removes a significant barrier to banks holding digital assets.

The executive order also establishes the President’s Working Group on Digital Asset Markets, chaired by Trump’s appointed crypto and AI czar, David Sacks. This working group, comprising key agencies like the Department of the Treasury, the Department of Justice, and the SEC, is tasked with proposing a comprehensive federal regulatory framework for digital assets within 180 days. Within 30 days of the order, the group must identify existing regulations affecting the crypto sector, and within 60 days, it must recommend whether these should be rescinded, modified, or adopted.

This framework aims to provide regulatory clarity, particularly for banks, by establishing “well-defined jurisdictional regulatory boundaries” and ensuring “technology-neutral regulations.” Such clarity could further reduce barriers for banks, enabling them to offer crypto trading, custody, and investment services to clients, including wealthy individuals and institutional investors.
The potential impact on banks is significant.

Bank of America CEO Brian Moynihan, speaking at the World Economic Forum in Davos, indicated that if the new rules make crypto a viable business, banks would actively participate, particularly in transactional services, treating crypto as “just another form of payment.” This shift could widen crypto adoption, bringing more institutional players into the market and increasing liquidity. However, the executive order’s approach to reducing regulations raises concerns about investor protection and systemic risks.

Critics argue that easing banking restrictions without robust safeguards could expose the financial system to the volatility and fraud risks inherent in the crypto market, as evidenced by past scandals like FTX and Binance. The order’s focus on deregulation, combined with the Trump administration’s broader appointment of crypto-friendly regulators—such as Paul Atkins at the SEC, Travis Hill at the FDIC, and Scott Bessent at the Treasury—suggests a potential prioritization of industry growth over consumer safety.

While this ban supports private sector cryptocurrencies by eliminating potential competition, it could limit the U.S.’s ability to innovate in digital finance and maintain the dollar’s global dominance, especially if other nations adopt CBDCs for cross-border transactions. The order instead promotes dollar-backed stablecoins, which could benefit banks by providing a regulated avenue for crypto-related services, but this approach may not fully address the systemic risks associated with stablecoins, such as those seen in the collapse of TerraUSD.

Trump’s executive order reduces cryptocurrency regulations on banks by rescinding restrictive guidance like SAB 121, promoting banking access for crypto firms, and tasking a working group with creating a broader regulatory framework. While this could significantly boost crypto adoption and institutional participation, it also raises concerns about investor protection, financial stability, and potential conflicts of interest, particularly given the administration’s close ties to the crypto industry.

Salesforce has announced a major commitment to Singapore, pledging to invest $1 billion over the next five years as it accelerates the adoption of Agentforce, its AI-powered autonomous agent platform.

The move highlights the growing strategic importance of Singapore in the global AI industry, particularly as tensions between the U.S. and China limit American tech companies’ opportunities in the world’s second-largest economy.

With China increasingly off-limits due to regulatory and geopolitical restrictions, Singapore has become an attractive alternative for U.S. technology firms looking to expand in Asia. The city-state has been making significant strides in AI and automation, positioning itself as a leading hub for AI-driven enterprise solutions. Government-backed initiatives, such as the National AI Strategy, have helped foster an innovation-friendly ecosystem, making it easier for companies like Salesforce to scale their AI products.

Salesforce has already established a long-standing presence in Singapore, having invested in the country for nearly two decades. In 2019, it set up its first overseas AI Research hub in Singapore, underscoring the city’s significance in its global expansion plans. The company believes Agentforce could play a transformative role in addressing Singapore’s labor market challenges by enabling businesses to create “digital workforces”, where AI-powered agents complement human employees.

The latest investment follows Salesforce’s $500 million commitments in both Saudi Arabia and Argentina, reinforcing its global push into AI-driven cloud computing. With Singapore’s strong emphasis on automation, digital transformation, and enterprise AI adoption, it is well-positioned to benefit from the company’s latest wave of AI innovation.

As part of its expanding footprint in the region, Salesforce has also announced a partnership with Singapore Airlines to integrate Agentforce, its AI layer Einstein in Service Cloud, and Data Cloud into the airline’s customer case management system. The collaboration is expected to enhance customer service automation, streamline operational efficiency, and introduce new AI-driven solutions tailored for the aviation sector.

Additionally, both companies will work together at Salesforce’s AI Research hub in Singapore to develop new AI-powered innovations for the airline industry, reinforcing Singapore’s role as a center for aviation technology.

Salesforce’s investment in AI comes amid a significant workforce restructuring, with the company reportedly reducing over 1,000 jobs while hiring around 2,000 employees to focus on AI sales and enterprise adoption. The shift reflects Salesforce’s broader strategic pivot towards AI-driven enterprise solutions, as it seeks to remain competitive against rivals such as Microsoft and Google, which are also ramping up their AI offerings.

Singapore is gradually emerging as a key player in the global AI industry as U.S. tech giants increasingly look beyond China for expansion. In the past year, major players like Amazon Web Services (AWS) and Microsoft have announced billion-dollar investments in Southeast Asia, reinforcing the region’s growing role in the global AI and cloud computing race. AWS recently pledged $9 billion in Singapore to expand its cloud infrastructure, while Microsoft committed $2.2 billion to Malaysia and $1.7 billion to Indonesia to strengthen its AI ecosystem.

With its pro-business environment, advanced digital infrastructure, and government-backed AI initiatives, Singapore has become a natural choice for companies looking to scale AI-powered solutions across finance, healthcare, aviation, and retail sectors. The country’s regulatory stability also provides a safer alternative for AI expansion compared to other Asian markets, where data privacy laws and government intervention pose challenges for foreign companies.

The race for AI dominance is intensifying, and with China increasingly inaccessible to Western countries, Singapore stands to gain as one of the most important AI hubs outside the U.S.

Donald Trump’s second coming as the U.S. President was marked by the unwavering support of U.S. billionaires who had jettisoned their soured past with the President for a new beginning. On January 20, as Trump took the oath of office for his second term, some of the world’s richest individuals stood behind him in the Capitol Rotunda, basking in the glow of record-breaking stock market gains.

The group included Elon Musk, Jeff Bezos, Mark Zuckerberg, Bernard Arnault, and Sergey Brin, among others—billionaires who, despite a contentious history with Trump, had aligned with him this time, hoping to protect their wealth.

Ironically, just seven weeks later, these same billionaires are watching their fortunes collapse, with a staggering $209 billion wiped from their net worths, according to the Bloomberg Billionaires Index. The companies that fueled their wealth have collectively lost $1.39 trillion in market value since January 17, the final trading day before Trump’s inauguration.

A Relationship of Convenience

During Trump’s first term (2017–2021), many of these billionaires had a rocky relationship with the president. Jeff Bezos and Mark Zuckerberg faced direct attacks from Trump, while Sergey Brin openly protested his immigration policies. Elon Musk, after initially joining Trump’s advisory council, quit in 2017 over the U.S. withdrawal from the Paris Climate Agreement.

This time, however, the billionaires took a different approach. Their decision to align with Trump was a strategic move, aimed at ensuring that his policies worked in their favor—from tax cuts to deregulation and corporate-friendly economic policies.

Amazon, Meta and some others, donated $1 million each to Trump’s inauguration fund. Bezos dined with the president in February. Musk, once a critic, began publicly supporting Trump’s stance on free speech and attacking Democrats on his social media platform, X. Even Brin, who once led protests against Trump, attended a private dinner at Mar-a-Lago.

The logic was simple: Trump’s pro-business stance could benefit their companies and portfolios. But that gamble, according to the Bloomberg Billionaire Index, has backfired spectacularly.

The period between Trump’s reelection and inauguration was a financial goldmine for these billionaires. The S&P 500 surged to record highs, Tesla stock nearly doubled, and luxury markets boomed. The expectation was that Trump’s second term would fuel further market gains.

Instead, Trump’s return to power has triggered market turmoil. The S&P 500 has fallen 6.4% since January 20, with a sharp 2.7% drop on March 10 alone. Trump has also embarked on mass layoffs of government employees and trade tariffs that have rattled Wall Street. Investors are increasingly concerned about the president’s unpredictability, leading to a wave of panic selling in some of the market’s biggest names.

For the billionaires who bet on Trump to safeguard their wealth, the irony is now undeniable.

The Billionaires Who Took the Hardest Hit

Elon Musk: Down $148 Billion

Elon Musk has suffered the biggest loss among Trump’s billionaire backers, with $148 billion wiped from his fortune. Tesla, which had surged 98% in the weeks after Trump’s election, has since lost all those gains.

The reasons behind Tesla’s collapse:

• European consumers are rejecting Tesla over Musk’s right-wing politics, leading to a 70% sales decline in Germany in early 2024.
• Chinese Tesla sales have plunged 49% in February, falling to their lowest level since 2022.
• Trump’s trade policies have created uncertainty over EV subsidies, discouraging buyers.

Jeff Bezos: Down $29 Billion

Bezos, 61, had a bitter relationship with Trump during his first term, with Trump constantly attacking him over Amazon’s business practices and his ownership of The Washington Post.

But in Trump’s second term, Bezos changed course. Amazon made a publicized $1 million donation to Trump’s inauguration fund, and Bezos met privately with the president in February.

Amazon stock, however, has nosedived 14% since January 17, wiping out nearly $30 billion of Bezos’s fortune.

Sergey Brin: Down $22 Billion

Brin’s company, Alphabet, has since lost billions, with stock prices tumbling 7% in early February. Meanwhile, the Justice Department has intensified its antitrust battle against Google, a case that could force a breakup of the company’s search engine division.

Mark Zuckerberg: Down $5 Billion

Meta was initially one of the biggest winners from Trump’s reelection, rising 19% from mid-January to mid-February.

Zuckerberg, who had previously banned Trump from Facebook, appeared to quietly rebuild ties, with Meta adopting a more hands-off approach to content moderation.

But those early gains have evaporated, with Meta stock plunging, mirroring the 20% drop in the broader Magnificent Seven tech index.

Bernard Arnault: Down $5 Billion

Arnault, chairman of LVMH, has been a friend of Trump for decades, speaking with him personally after the Pennsylvania assassination attempt in July 2024.

Luxury markets initially surged following Trump’s election, as investors expected his policies to favor the ultra-wealthy. But LVMH’s rally has collapsed, driven by fears of Trump’s proposed tariffs on European luxury goods, which could cripple sales and a decline in global luxury spending, as economic uncertainty grows.

A Bitter Irony

Trump’s presidency has so far brought instability rather than prosperity, with erratic tariff policies, uncertainty over tech regulation, and widespread government layoffs sending markets into a tailspin.

The billionaires who once defied Trump, then embraced him, have not been spared. To make matters worse, it is quite uncertain the tides are going to change any time soon, given Trump’s unflinching stance in using tariffs as bargaining power. This means that the billionaires are in for a long rough ride.