The U.S. government is taking steps to ensure fair treatment of citizens and businesses by banks. The White House is drafting a new order aimed at stopping the practice of discriminating against customers based on their political beliefs.
Ending Bias in U.S. Banking
The executive order, expected to be signed soon, targets a practice known as Operation Chokepoint 3.0, which has negatively impacted crypto firms. During the Biden administration, companies like Gemini reported being debanked by major banks such as JPMorgan. Notable figures like Elon Musk and Ripple's CTO David Schwartz have expressed concern regarding the matter, with Schwartz suggesting that government actions might be inadvertently controlling the crypto space.
Financial Reform Under Trump's Administration
President Trump's administration is taking a strong stance on financial fairness, differing from the previous administration's approach. Since taking office in January 2025, Trump has voiced support for bridging traditional finance with digital assets, accusing institutions like JPMorgan Chase and Bank of America of politically motivated decisions. However, both banks have denied these allegations. The broader reform plan includes changes to capital requirements and other banking rules.
Support from Tech and Crypto Leaders
The move to end Operation Chokepoint 3.0 has garnered significant support from major players in the tech and crypto sectors. Binance founder Changpeng Zhao stated that the order could open international banking access for crypto. Meanwhile, venture capital firm Andreessen Horowitz (a16z) cautioned that new bank policies could negatively impact fintech companies such as Venmo, Robinhood, and Coinbase. Industry voices emphasize that fair banking access is crucial for innovation and can help stimulate economic growth.
The upcoming White House order addresses growing concerns about political bias in banking and aims to ensure fair treatment for businesses, including those in the cryptocurrency sector. Such measures are expected to foster innovation and support economic growth.
