The upcoming order from the Biden administration aims to prevent bank discrimination against clients and companies in the crypto industry.
Introduction to Bank Discrimination Order
The White House has prepared an order that allows banks to face fines for refusing services to clients on political grounds. The order also directs regulators to investigate potential violations of the Equal Credit Opportunity Act and antitrust laws.
Discrimination Against Cryptocurrency Companies
It has been noted that cryptocurrency companies claim they have been denied banking services. The order also addresses political ground refusals, which could negatively impact the crypto industry.
Bank Attitudes Towards Cryptocurrency
Banks have reportedly justified their actions based on legal and financial risks related to anti-money laundering compliance. However, several experts from the crypto industry assert that banks still harbor disdain for decentralized assets.
The new order from the administration may lead to significant changes in the relationship between banks and crypto companies, preventing discrimination and ensuring equal credit opportunities.
