"I don't think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin," he added.
Trump vowed to become the first "crypto president" before he took office. He has since wooed the industry's elite at the White House, promised to boost the adoption of digital assets and said he aims to create a strategic bitcoin reserve.
While there are welcoming signs, banks are seeking even clearer guidelines from the government clarifying what they can do in crypto, more than half a dozen industry executives said.
"The shift in the stance is encouraging for traditional lenders, but they are still approaching it with caution and viewing the changes in regulation as an opportunity to engage and not a free pass," said Dario de Martino, A&O Shearman M&A partner who works on crypto-related issues.
Custody businesses to store and manage crypto assets are promising, bankers and executives said, but they have thin margins and potentially pose high risks.